VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt and the creator of short video entertainment app Josh, has raised Rs 207.7 crore (approximately $28 million) from The Canada Pension Plan Investment Board.
In August of last year, the Bengaluru-based company raised $450 million in a Series I round led by Siguler Guff, Baillie Gifford, and Carlyle Asia Partners. To date, the company has raised approximately $678 million, including the current tranche.
According to regulatory filings, Vesre Innovation has approved the allotment of 10 equity shares and 50,148 Series I preference shares to CPP Investment Board at an issue price of Rs 41,283.5 per share in order to raise Rs 207.07 crore (approximately $28 million).
Dailyhunt claims to serve over 300 million users per month, whereas Josh claims 115 million monthly active users (MAUs) and 56 million daily active users (DAUs).
Dailyhunt competes with Inshorts in the news aggregation space, while its short video app Josh competes with ShareChat’s Moj, MX TakaTak, and YouTube Shorts, among others.
Dailyhunt launched Publicvibe, a video-only hyperlocal app, last month. The app, similar to InShort’s Public, provides updates on crime, politics, public issues, and events in one’s location. Publicvibe appears to be a clone of Inshorts’ hyperlocal video-only app Public, which is available in a dozen different languages.
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