MissMalini Entertainment, a lifestyle and entertainment content website, raised Rs 10.4 crore in a pre-Series A round of funding from venture capital firms Orios Venture Partners and New Enterprise Associates (NEA) on Tuesday.
It will use the funds to expand its content, technology, analytics and sales operations. The company will also build a video production unit and launch vernacular content.
“This round of funding is an important step in expanding our focus from major metros and deeper into Tier-I and Tier-II markets, helping us build lasting and meaningful communities of engaged young Indians,” founder Malini Agarwal said in a statement. “This pre-Series A funding comes at just the right time, as we continue experimenting with exciting new content formats to attract new audiences.”
Agarwal launched the platform in 2008, claiming to reach 40 million people in a month, across its multiple properties.
A number of digital content ventures have raised funding in recent months including India Sports Flashes and content marketing platform WittyFeed.
Mumbai-based Orios is an early-stage venture capital firm set-up in 2013. Its portfolio includes online drug delivery platform PharmEasy, packaged food startup Yumlane, lingerie e-tailer Pretty Secrets, automobile servicing platform GoMechanic and beauty services app Zooty.
NEA, a global venture capital firm has been investing in India for more than a decade. The firm’s India operations are led by Bala Deshpande.
In India, the firm has invested in companies such as fintech startup MoneyTap, online store Naaptol, dialysis chain Davita Care India and baby products e-tailer FirstCry.
In July, NEA invested in US-based Automation Anywhere, a company set up by Indian-origin founders. It was one of the largest Series A rounds in the venture capital ecosystem worth $250 million.