NearFox a Mumbai based local lifestyle content discovery platform has raised an undisclosed amount of seed funding. Clutch of investors took part in this round include Devendra Rane- CoverFox CTO, Globevestor Angel Fund, Ravi Jain- Co-founder of GenY Medium & Ex-Principal of Ventureast and Arpan Nagdeve- VP at Craftsvilla, among others.
The funds will be used in team expansion and by 2017 it plans to expand their operations around 10 cities and further aims to reach in 200 cities in over 3 years. It claims to have kept the operational costs low with efficient use of digital media, technology & user generated content.
NearFox was founded in 2015 by Kiran Patil and Pritesh Mittal. It offers their users with shopping, food, fitness, beauty, fashion, local travel and entertainment. Currently it is operating in Bangalore, Mumbai and Delhi. It is soon planning to launch in New York as well. It will expand to a team size of 30 members from 15 members by the end of the current fiscal year.
Ankur Shrivastava, co-founder of Globevestor, said,
“A huge untapped opportunity exists in the localisation and personalisation of content, especially on local news and discovery. NearFox aims to be at the forefront of this and has assembled an ‘A team’ very quickly. We’ve known them for a long time as the go-to people for content marketing and growth hacking, and they’re easily the best team to deliver on this vision.”
The company claims to have achieve 6-fold growth in website traffic without any marketing spend in the last six months. Currently it gets around 2.5 lakh visits per month.