Dailyhunt and Josh apps’ parent company VerSe Innovation on Thursday announced that it has raised $450 Mn from slew of existing and new PE investors. Siguler Guff, Baillie Gifford, Carlye Asia Partner Growth are among new PE investors who participated in the latest Series I round. Although the company hasn’t shed light on the post-funding valuation, it claims the valuation to have doubled following the latest round, tentatively at $3 Bn.
Notably, VerSe Innovation clocked a $1Bn valuation following two back-to-back funding rounds in December 2020 and February 2021. The company had amassed $200 Mn from the unicorn funding round. After taking into account the latest Series I round, the company has cumulatively secured nearly $650 Mn funding in the first half of 2021.
Dailyhunt’s parent company is probably the only Indian startup to be simultaneously backed by Microsoft and Google. It earned this rare distinction in the last year’s December funding round, i.e. Series H round.
The company has said that it will use the Series H & Series I funds to help Dailyhunt and Josh apps in consolidating its global footprint. Meanwhile, the current funding round has come barely months after its nearest competitor Inshorts raised $60 Mn.
Even though Dailyhunt has a huge war chest and comparatively bigger market share, Inshort’s recent funding indicates that investors still want to bet on the news aggregation market. As for VerSe Innovation’s recent launch Josh app is concerned, the app has certainly created a deep imprint in the short video market.
Josh competes with big apps like ShareChat’s Moj and Max Taka Tak. The company jumped into the short video arena after it sensed an opportunity for growth in the aftermath of TikTok ban.
VerSe Innovation’s consolidated loss stood at Rs 401 in Fy20 while its revenue from the operation for the same period stood at nearly INR 267 Cr.