The Ken, a subscription-based media company that publishes one original, analytical and well-narrated story every weekday, has today announced that it has raised $1.5 million in Series A funding round from Omidyar Network.
The newly raised capital will be used by the company to further its growth and to expand its team to around 25-30 in the coming months, which currently comprises of 18 people. This is the second funding round raised by the company this year. Earlier, in March, it had secured around $228,000 in its second seed funding round from a group of angel investors, including Siddharth Bhammar, Anchal Jain, and Murali Abburi.
Prior to that, the Bangalore-based company had raised $400,000 in February last year. The investors in that round include Aprameya Radhakrishna, co-founder, Taxiforsure; Deepak Natraj, Managing Director, Aarin Capital; Girish Mathrubhootham, Founder and CEO, Freshdesk; Mahesh Murthy, Founder, Pinstorm; Pallav Nadhani, Co-Founder and CEO, Fusioncharts; Pavan Ongole, Investor and former Director at Softbank; Sandeep Mathur, Managing Director of Graticule Asset Management; Shan Krishnasamy, Co-Founder and CTO at Freshdesk; Shanmugam Nagarajan, Co-Founder and CPO of 7; and V Balakrishnan, Chairman of Exfinity Ventures.
However, Mahesh Murthy, who is also the co-founder of early-stage investment firm Seedfund exited three months after making the investment. While he sold his stake to another investor, the reason behind his exit was not revealed. This was during the same time when Mahesh Murthy was in the news for alleged sexual harassment claims made by several women.
Run by Kenrise Media Pvt. Ltd., the company was founded in 2016 by Rohin Dharmakumar, Sumanth Raghavendra, Seema Singh, and Ashish K Mishra. An annual subscription of The Ken is priced at Rs 2,750 in India and $108 overseas. Along with that, there are also options for quarterly and single-story access.
The topics covered by the media firm includes technology startups, healthcare, and business, but it is now aiming to expand its verticals. It is now looking to enter into audio storytelling, podcasts, and other mediums, while video is currently off the table as a standalone medium.
According to the company, it became cash-flow profitable in April this year. It claimed that for the April-June quarter, the company’s revenues were up 200% over the comparable period a year ago, and up 100% the immediately preceding quarter.