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

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