Dailyhunt and Josh apps dad or mum agency raises $805 million at $5 billion valuation – TechCrunch


At a time when various startups are discovering it troublesome to boost capital, VerSe Innovation, the parent firm of news aggregator app Dailyhunt and short-video app Josh, stated on Wednesday it has raised $805 million.

The startup, which plans to broaden its household of shopper apps and is on the lookout for alternatives for its creator base and customers with web3, is valued at practically $5 billion within the new spherical, its co-founders informed TechCrunch in an interview.

The spherical — a Sequence J — was led by Canada Pension Plan Funding Board (CPP Investments), its largest funding up to now within the area. Ontario Academics’ Pension Plan Board (Ontario Academics’), Luxor Capital, and Sumeru Ventures in addition to current backers Sofina Group and Baillie Gifford additionally participated within the spherical.

The brand new spherical brings VerSe Innovation’s all-time increase to about $2 billion (some in secondary transactions).

VerSe Innovation at present operates three standard apps which have made deep inroads in smaller Indian cities and cities. Its quick video app Josh has amassed over 150 million customers and has a creator base of over 50 million customers. It clocks over 80 billion performs every month, the startup stated.

Information aggregator app Dailyhunt, which operates in 15 languages and has a creator ecosystem of over 100,000 content material companions, has over 350 million customers, whereas the startup’s just lately launched app PublicVibe now serves over 5 million month-to-month energetic customers.

The startup plans to proceed to deal with service customers in India, and deploy the brand new investments to broaden its AI and ML capabilities to make its apps extra participating to customers, Umang Bedi, co-founder of VerSe Innovation, informed TechCrunch in an interview.

“India’s digital content material is experiencing phenomenal progress, and VerSe Innovation is nicely positioned to be one of many leaders within the fast-growing quick video and native language content material house,” stated Frank Su, Managing Director and Head of Personal Fairness Asia at CPP Investments, in an announcement.

“This funding aligns with our strategy of offering strategic capital to business leaders in India’s expertise sector. We stay up for supporting the subsequent section of VerSe Innovation’s progress journey, which we imagine will ship robust risk-adjusted returns for the CPP Fund.”

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