Indian market has witnessed a lot of news and media apps is coming into the limelight in the last 2 years and most of the new internet users are shifting to online content. Online content is cheap due to the advent of Jio and affordable smartphones.
Newsbytes in one such digital news and media platform based in Gurugram. They have raised a huge amount of $1 million. The funding was led by Germany-based MM Inno GmbH, an investment company of Mueller Medien, along with the US-based Powerhouse Ventures and other investors.
It has been analysed earlier that the more users coming into the online content ecosystem the importance of vernacular languages are increasing. The reason is that people trust the information from in their local languages rather than English. This has forced many platforms to acquire local languages for generating content and NewsByte is no different. NewsByte had recently launched a natural language generation based engine. This engine has the capability to convert raw numerical data into text-based articles.
The Indian government, however, is keeping a close eye on the developments in the field of online media and news. They have also proposed for a body governing the functioning, as there is a body for the newspapers and news broadcasters, Press Council of India (PCI). This type of body for the online media will help moderate the contents and reduce the spread of fake news and violent inflicting news in the market.