A handful of venture capitalists have participated in the seed round for The Juggernaut, a premium subscription publication for South Asian stories and news, Axios has learned.

Why it matters: It's the latest in a series of investments from venture capitalists and Hollywood giants in South Asian storylines and talent.

Driving the news: Precursor Ventures, Kevin Lin (co-founder of Twitch), Bhaskar Ghosh (partner and CTO at 8VC), and Sheel Tyle (founder, Amplo), among others, will join Y Combinator in investing in the startup led by Snigdha Sur.

Details: The company started as a newsletter in October 2017 and launched a $4.99-per-month paid subscription service in February. Sur says 80% of users sign up for an annual plan.

  • Its free newsletter has open rates of about 30-60%, says Sur. (The average rate for publishing is usually around 20%.)
  • Sur says the conversion rate from the free newsletter to the paid subscription has so far been about 6%.

The trend: Media companies in the U.S. are looking to better cover the South Asian population. This year...

  • Mindy Kaling and Priyanka Chopra inked a deal with Universal for a wedding film.
  • Netflix green-lighted a semi-autobiographical coming-of-age comedy series with Kaling starring.
  • HBO is developing "Attachment," a comedy series that centers on a first-generation Indian-American tech CEO.
"The South Asia diaspora is so large. I can't believe this audience doesn't have publication or voice in way they want to to be spoken to covering stories matter to them."
Charles Hudson, managing partner, Precursor Ventures

Go deeper: Where America's diversity is increasing the fastest

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New York Times digital revenue surpasses print revenue for first time

The New York Times building. Photo: Eduardo MunozAlvarez/VIEWpress/Corbis via Getty Images

For the first time in its nearly 170-year history, the New York Times made more money from digital products than it did from its print newspaper during a three-month quarterly earnings period, the Times announced Wednesday.

Why it matters: It's a huge milestone for The Gray Lady, which six years ago published a digital "Innovation Report" that detailed the paper's shortcomings in adjusting its business to embrace the digital world.

Rep. Rashida Tlaib fends off Democratic primary challenge in Michigan

Rep. Rashida Tlaib. Photo: Chip Somodevilla/Getty Images

Michigan Rep. Rashida Tlaib won her Democratic primary against challenger Detroit City Council President Brenda Jones, according to AP.

Why it matters: Tlaib, a democratic socialist and member of "The Squad," found herself in a vulnerable position, facing off against Jones after narrowly beating her two years ago.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 18,570,858 — Total deaths: 701,316 — Total recoveries — 11,163,388Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 4,771,846 — Total deaths: 156,839 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Moderna skirts disclosures of coronavirus vaccine costs — There’s not much good news about kids and coronavirus.
  4. Business: Auto sales may have turned a corner.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel its football season.