Serial entrepreneurs Ronnie Screwvala, Sashi Reddi, Krishnan Ganesh and Anand Ranganathan have co-invested in Oximity, a unique news website that crowd-sources opinions and developments on social and economic issues at a global level.
The four Indian investors have jointly invested to raise the seed round of $ 620,000 for the website. The investment in Oximity goes beyond commercial concerns that drive latest trends like social, mobile, location based services, cloud computing and big data. “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,” Ronnie Screwvala, stated in a press release.
“There is a revolution coming in the generation and distribution of news and Oximity is at the forefront of that revolution. I am delighted to be backing a visionary like Sanjay Goel as Oximity disrupts this industry,” said Sashi Reddi, managing partner of SRI Capital.
With its modus operandi of crowd-sourcing news, Oximity aims to transform the traditional top-down structure of news media with a bottoms-up approach- in writing, reporting, editing and distributing news.
By allowing people and organisations to report their news in over 180 languages, and facilitating automatic as well as manual translation, Oximity intends to remove language as a barrier to the flow of news information globally.
Additionally, it is partnering with various existing user generated news networks worldwide to create one large network of self-empowered news writers and readers.
“We believe all human beings are equal, without exception. 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,” said Oximity co-founder Sanjay Goel.