Daily Hunt’s parent company, VerSe Innovation, has received a massive $100 Million fundraise fromAlpha Wave Incubation which is a unit of Falcon Edge Capital, Google, and Microsoft.
After the investment by these giants, VerSe Innovation has crossed a valuation of over a billion dollars which made them the latest Unicorn for local language in India.
After the ban on TikTok in 2020 by the government, other platforms rushed towards taking its place, and the short video platform “Josh” captured huge attention from Bharat users.
Bharat users, a term for the 200 billion internet users in India. With the launch of Josh, the concept of AtmaNirbharBharat, an initiative by the Modi government, was promoted.
VerSe Innovation had thrived for promoting the rich Indian culture and heritage through their short video platform and machine learning capabilities which will be helpful in scaling up Josh.
The funds are expected to be used by the company in creating an enhanced content ecosystem while leveraging artificial intelligence.
The investment strategy for Google in India included affordable access and information to every Indian in their local language.
Be it Hindi, Punjabi, Tamil, or any other language, everyone is very comfortable in their own language and hence the vision of investing in Josh would be more progressive.
During the Google for India event Sundar Pichai, the CEO of Google, announced that they will be investing $10 billion for India, for betterment in 4 regions one of which is for affordable and informative platforms.
Existing investors, Lupa Systems and Sofina Group were also seen participating in the fundraiser.
Dailyhunt is a platform related to content providing and is backed by Matrix Partners India, Sequoia Capital India, Falcon Edge Capital, Goldman Sachs who are its existing investors.
The Bengaluru-based startup, Daily Hunt was found in 2009 as NewsHunt which aggregated content from websites and newspapers in regional languages of India including Gujarati, Tamil, Bhojpuri, and Marathi.
The company’s machine learning technologies have enabled them to track people’s preferences and deliver them more personalized content.
Since the ban of Tiktok in India, the company extended their room of applications by adding Josh, a video sharing platform, which now claims to have more than 77 million monthly active users.
The application has over 1.5 billion video plays and Dailyhunt’shuge 300 Million user base throughout their various applications brought them into the spotlight.