Verse Innovation, the parent company of Dailyhunt, received funding from Google, Microsoft and Falcon Edge’s Alpha Wave Incubation at a value of over $1 billion, giving unicorn startup status. Current investors Sofina Group and Lupa Systems also participated in the fundraising round.
The company plans to use the raised funds to scale up ‘Josh’ its short video app, expand the community of content creators and innovation in AI and ML. The investment comes at a time when the Indian government has limited foreign investment in online news and digital media to 26 %, effective October 31, 2021.
Founded in 2009 as News Hunt, the Bengaluru-based content startup changed its name to DailyHunt in 2015. The services also include original video content in Hindi and Telugu, as well as free live Television broadcasting in several regional languages. According to VerSe, Josh has approximately 77 million active users per month, 36 million active users per day and over 1.5 billion video playback per day. It has more than 200 creators, 10 major music labels and approximately 15 million UGC creators.
DailyHunt reports that it has more than 300 million users in its various applications and a network of more than 100,000 content partners and individual content creators. The company said it is now on a path of rapid growth as it explores other international geographies to expand its broad-based technology platforms to serve local language audiences globally with similar unmet content needs.