Backed by Google and Microsoft, Dailyhunt Parent Company Raises $100 Million to Rival Tik Tok

By Adriaan Brits Monday, February 8, 2021

VerSe Innovation, a parent company of Dailyhunt, has secured more than $100 million in the Series H round, led by Qatar Investment Authority and Glade Brook Capital Partners.

Close-up of a news website on a smartphone.

A Multi-Billion Dollar Valuation

The funding round comes just a few months after the startup raised over $100 million from Google, AlphaWave, and Microsoft in December 2020. After this round, the startup hit a business valuation of over $1 billion. Up to this point, the company has raised a total of about $430 million.

Dailyhunt is an India-based content and news app used by over 285 million users on a daily basis in 14 different local languages. Last month, the startup’s app teamed up with Twitter to introduce “Twitter Moments India,” a dedicated tab that displays curated tweets related to news and other events in the country.

The tech startup also launched a short video app, Josh, last year after the Indian government decided to ban TikTok. In a highly-contested business market for short videos, Google launched “YouTube Shorts” while Facebook expanded Instagram Reels to India.

As far as numbers, the company has recently achieved much success with the app, which now attracts more than 85 million active users on a monthly basis, 40 million of whom use the app daily. Furthermore, the startup said Josh registers more than 1.5 billion video plays every day.

When it comes to future growth, the company now plans to expand its app business into more areas and attract users from smaller cities across India. Additionally, the startup said it ultimately wants to expand into international markets as well.

“Josh represents a confluence of India’s top 200+ best creators, the 10 biggest music labels, 15+ million UGC creators, best in class content creation tools, the hottest entertainment formats, and formidable user demographics. Josh has been consistently rated as the leading Indian short-video app in India on the Play store,” the company said in a statement.

The tech business said it will use the proceeds to expand its local languages content services as well as grow its creators ecosystem and AI and ML tech stacks.

Summary

Indian startup VerSe Innovation, the owner of Dailyhunt and Josh apps, said it raised more than $100 million in the Series H round, headed by Qatar Investment Authority and Glade Brook Capital Partners. The tech company, which enjoys a business valuation of over $1 billion, was previously backed by Google, AlphaWave, and Microsoft.

About the Author


Headshot for author Adriaan Brits

As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media

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