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Dailyhunt parent VerSe Innovation raises $805 million at a valuation of $5 billion

Dailyhunt parent VerSe Innovation raises $805 million at a valuation of $5 billion

Dailyhunt parent VerSe Innovation raises $805 million at a valuation of $5 billion
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By CNBCTV18.com Apr 6, 2022 9:57:09 AM IST (Published)

VerSe Innovation said CPP Investments led the funding round with USD 425 million investment, while other prominent investors included Ontario Teachers', Luxor Capital and Sumeru Ventures. Existing investors Sofina Group, Baillie Gifford and others will also participate north of their pro-rata in this round.

VerSe Innovation, the parent of news aggregator Dailyhunt and short video app Josh, on Wednesday said that it has raised $805 million at a valuation of $5 billion as part of a Series J funding round. This is also the largest funding round by an Indian startup this year, followed by Swiggy which raised $700 million. Polygon, Byju's, and Uniphore raised over $400 million each.

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VerSe Innovation said CPP Investments led the funding round with USD 425 million investment, while other prominent investors included Ontario Teachers', Luxor Capital and Sumeru Ventures. Existing investors Sofina Group, Baillie Gifford and others will also participate north of their pro-rata in this round.
The company has raised over $2 billion in funding so far, of which $1.5 billion was raised in 2021 alone. Thr company plans on both deepening and broadening its AI/ML (Artificial Intelligence/Machine Learning) and data science capabilities to further cement its position across all user, engagement and retention metrics. Besides, it aims to drive deeper monetisation including influencers, e-commerce and live streaming and forays into Web 3.0 experiences across its local language creator base of over 50 million creators as well as its local language content ecosystem which experiences over 80 billion video plays per month.
VerSe Innovation was founded by Virendra Gupta and Shailendra Sharma in 2007. Umang Bedi joined the firm in February 2018. The company launched short video platform Josh in 2020 soon after the TikTok ban. In a joint statement, Gupta and Bedi said, "This partnership will strengthen our ability and leadership to deliver on our vision to build the largest AI-powered local language content platform across a family of apps serving the next billion users."
VerSe Innovation became the first unicorn in tech for local languages and counts Goldman Sachs, Falcon Edge Capital, Sequoia Capital India, Matrix Partners India, Lupa Systems, B Capital Group, IIFL, Kotak, Catamaran, Bay Capital, Edelweiss and Omidyar Network, among others as existing investors. Josh is the fastest growing and most engaged short-video app in India with over 150 million MAUs (Monthly Active Users), the statement pointed out.
Dailyhunt serves over 350 million plus users every month offering content artifacts every day in 15 languages from a licensed creator ecosystem of over 100,000 content partners and individual content creators. PublicVibe serves over 5 million monthly active users (MAUs) and 1 million daily active users (DAUs) and has over 6 million plus downloads on the Play Store.
VerSe Innovation has three key consumer technology platforms: Dailyhunt, Josh, and PublicVibe.
With PTI inputs
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