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Dailyhunt parent VerSe Innovation raises $100 million in fresh funds from Google, Microsoft and others – Business News , Firstpost



This new spherical of funding pushes VerSe Innovation, proprietor of the brief-type video app Josh, into the unicorn membership.

Technology giants Google and Microsoft together with AlphaWave, a unit of Falcon Edge Capital, have invested over $100 million (round Rs 738 crore) in content material platform Dailyhunt parent VerSe Innovation Private Limited, taking its valuation over $1 billion and into the unicorn membership. Existing traders Sofina Group and Lupa Systems additionally participated in the spherical. Other traders of VerSe Innovation embody Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and Goldman Sachs.

The firm plans to make use of the brand new capital to scale up its brief-type video app Josh, broaden its native language content material choices, to develop a content material creator ecosystem and leverage synthetic intelligence (AI) and machine studying (ML) in it. Josh is at present accessible in 12 Indian languages.

Josh was based in September after the ban of Tiktok and different apps in India. According to Google Play retailer, the brief-type video making app has been downloaded over 50 million instances.

In September 2014, the corporate had secured funds of over Rs 100 crore from Sequoia Capital India. In September 2019, Dailyhunt had raised Rs 24.61 crore from Omidyar and Sequoia Capital India.

Founded in 2009 as Newshunt, the Bengaluru-based content material startup rebranded as DailyHunt in 2015. It aggregates content material from newspapers and web sites in a number of Indian regional languages, together with Marathi, Gujarati, Tamil and Bhojpuri.

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