Four serial entrepreneurs launch $620,000 bottoms-up media firm

Tags: News
Drawing attention to the media industry, four serial entrepreneurs — Ronnie Screwvala, Sashi Reddi, Krishnan Ganesh and Anand Ranganathan — have invested in a company they find to be one of its kind in news delivery named Oximity. Their investments together stands at $ 620,000, a year after Sashi Reddi had initially invested around $150,000 in it.

The new website crowd sources information, mostly on social and economic issues, through interested writers registered with the website as approved writers and the Oximity platform customises and translates the information, meeting region specific demands. Users can also add relevant information as and when it happens.

Oximity was co-founded by IIT Delhi and New York University pass out Sanjay Goel along with German techie Christian Hapke. “The aim to transform traditional top-down structure of news media with a bottoms-up approach — in writing, reporting, editing and distributing. We believe all human beings are equal, without exception and so the disenfranchised can now have a voice, on a level playing field with the already empowered. And users get to set the news agenda, instead of a few people who run global news media organisations,” Goel said.

Broadly, all the four investors have put in almost equal amount of money in this round. “Sanjay happens to be my classmate and when he shared the idea a year ago, I found it very unique and powerful so invested the initial fund to get the company started. If something like this works out, it could turn the world for the entire media industry. So far, we were relying only one few thousand journalists to shape news but in this way of direct contribution ways have opened up,” said Reddi, who is the managing partner of SRI Capital.

Oximity has also joined hands with existing user generated news networks across the globe to establish one large network of such citizen writers and offer news across 180 languages. “The news media landscape is shifting rapidly and in a few years there will be an entirely new set of players dominating this space. We believe Oximity has the potential to be one of such dominant players,” said Ronnie Screwvala, founder and chief executive officer of the UTV Group.

trushnaudgirkar

@mydigitalfc.com

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • India would have done well not to supress the 'Bofors interview'

    Bofors is one case that refuses to go away two-and-half decades after it grabbed public attention and became a byword for political corruption, claimi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Varun Dutt

Biogas Potential in India

Biogas is a form of renewable energy produced from organic ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture