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HomeBusinessDailyhunt parent VerSe Innovation raises $805 million

Dailyhunt parent VerSe Innovation raises $805 million

Dailyhunt parent company VerSe Innovation

Ver Se Innovation Private Limited was established on April 13, 2007. It is a non-government organization registered with the Registrar of Companies in Bangalore. It has a paid-up capital of Rs. 101,657,928 and authorized share capital of Rs. 163,600,000. It is engaged in the publication, consulting, and delivery of software. Software publishing includes the creation, distribution, and documentation of ready-to-use (non-customized) software, operating systems, business and other application programs, and computer gaming software for all platforms. 

After studying the consumers’ demands and challenges, consulting entails giving the best option in the form of bespoke software. Made-to-order software is another type of custom software created in response to requests from individual users. In response to user commands, software maintenance, and web-page design, writing programs of any sort are all mentioned.

See the source imagePeople no longer need to wait for the current news in the newspapers, nor do we need to wait until we get home and turn on the television to learn about breaking events. Thanks to mobile phones, quick and affordable internet services, and digital news aggregators, brand new information and developments are now a breeze. However, until 2010, when Dailyhunt was launched, obtaining daily local news updates in local dialects remained a daft idea in India. 

dailyhunt

The Indian media and news aggregation app, which was created in 2009, is a platform that offers local news to the Indian public in their regional languages from all parts of the nation. Dailyhunt, based in Bengaluru, collects and distributes news and daily local language material in 14+ regional languages, with the goal of “informing, enriching, and entertaining” Indian consumers. In 2009, Umesh Kulkarni and Chandrashekhar Sohoni founded Newshunt, a Symbian-to-Android application that was bought by Virendra Gupta in 2011. In 2015, Viru was the one who rebranded the app to Dailyhunt, as it is today known. Dailyhunt now sources information from over 1000+ publications, and its Indian regional language content is getting a lot of traction.

On December 21, 2020, Dailyhunt became India’s first software unicorn focusing on local languages when its parent company, VerSe Innovation, got over $100 million in financing from Google, Microsoft, and Falcon Edge’s Alpha Wave Incubation.

Dailyhunt parent VerSe Innovation raises a record $805 million. 

Verse Innovation, the parent company of news aggregator Dailyhunt and short video app Josh, said on April 6 that it had received $805 million at a $5 billion valuation, indicating that investor optimism remained robust despite recent volatility in technology equities. The funds will be used to improve the startup’s AI/ML skills and to invest in new initiatives like live streaming and Web 3.0, providing it weapons to compete against local rivals like ShareChat as well as worldwide opponents like Instagram and YouTube.

See the source imageThis is also the year’s largest investment round for an Indian company, particularly at a time when investors are becoming more cautious, and deals are taking longer to finish. Dailyhunt has raised the most money so far, at $805 million, followed by Swiggy with $700 million. Polygon, Byju’s, and Uniphore are among the companies that have received more than $400 million.

With a $425 million investment, the Canada Pension Plan Investment Board (CPP Investments) took the lead. Ontario Teachers’ Pension Plan Board (Ontario Teachers’), Luxor Capital, and Sumeru Ventures are among the other investors. The firm has raised over $2 billion in capital so far, with $1.5 billion of that coming in the previous year alone. Virendra Gupta and Shailendra Sharma started VerSe Innovation in 2007. In February 2018, Umang Bedi joined the business. Josh, a short video platform created by the firm shortly after the TikTok ban in 2020, has seen substantial development.

In a joint statement, Gupta and Bedi said the alliance would boost their capabilities and leadership to realize their objective of creating the world’s largest AI-powered local language content platform across a family of applications servicing the next billion consumers. They’ve witnessed rapid growth from the subsequent billion users coming out of regional India thanks to a deliberate focus on video content and creating for India. This investment comes at a time when they are looking to grow their services and revenue methods, as well as produce world-class Web 3.0 experiences and build an IPO-scale business.

See the source imageDailyhunt, Josh, and PublicVibe are three of VerSe Innovation’s primary consumer technology platforms. Dailyhunt is closer to breaking even, with over 350 million users. Josh, the company’s short video platform, has 150 million monthly active users (MAUs), and the company plans to start monetizing it this month. Over five million monthly active users utilize PublicVibe, a hyperlocal video network. 

Maggie Fanari, Managing Director and Global Group Head, High Conviction Equities at Ontario Teachers’ Pension Plan, said that the modern Alternative Capital Solutions team, which provides flexible capital to high-quality public and private growth companies, is excited to make a significant investment in VerSe Innovation. They were pleased by the company’s innovative local language products, market leadership, and excellent management team and are eager to join them on this adventure as Ontario Teachers expands its portfolio in India.

Current investors, including Matrix Partners, the company’s second-largest external stakeholder after CPPIB with a 9% stake, remained invested in the financing. According to VCCEdge, the intelligence platform of VCCircle, Matrix Partners invested in VerSe Innovation as early as 2009. The investment round comes at a time when stocks of newly listed new-age digital businesses have taken a battering, and primarily funded startups may be considering down-rounds or perhaps losing their unicorn status as a result of fears sparked by the unpredictable geopolitical situation. Unicorns are private enterprises with a market capitalization of more than $1 billion.

According to Bedi, In such a grim economic environment, having a large amount of high-quality capital coming in is a huge boost and validation for the VerSe Innovation business. It is developed on fiscal restraint on cracking the three-prong board of user growth, involvement, and, most importantly, monetization of the local language ecosystem. According to the co-founders, the firm is also trying to develop other revenue strategies, such as influencers, e-commerce, and live streaming, to attain company profitability in the next two to three years.

Edited by Prakriti Arora

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