ByteDance exits VerSe Innovation, offloads stake to Canadian investors
ByteDance had a 9.8% stake in the company at the time of exit
Chinese tech giant ByteDance has exited VerSe Innovation, the owner of Dailyhunt and Josh apps, by selling its entire stake in the Bengaluru-based tech start-up.
ByteDance owned a 9.8% stake in the company at the time of its exit.
According to media reports, ByteDance sold its stake to Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers‘ Pension Plan Board (OTPP) during VerSe’s Series J funding round.
In April, VerSe had raised $805 million in funding at a $5 billion valuation. The funding was led by Canada Pension Plan Investment Board (CPP Investments) with participation from Ontario Teachers’ Pension Plan Board (Ontario Teachers’), Luxor Capital, Sumeru Ventures, and existing investors Sofina Group and Baillie Gifford.
“We at VerSe Innovation confirm that ByteDance has fully exited our cap table. We are probably amongst the few unicorns in the country with 0% Chinese shareholding on our cap table," a VerSe Innovation spokesperson has been quoted as saying.
VerSe Innovation had registered a 149% increase in revenue at Rs 666.1 crore for the fiscal ended 31st March 2021 against Rs 267.6 crore in the previous fiscal. Net loss swelled 97% to Rs 807.9 crore from Rs 410.2 crore.
Total expenses zoomed 119% to Rs 1579.7 crore from Rs 720 crore. Employee benefits expense was up 24% to Rs 191.5 crore from Rs 155.2 crore. Advertising promotional expenses were up 59% to Rs 591.3 crore from Rs 372.9 crore.
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