Dailyhunt and Josh's parent company VerSe Innovation raises Rs 207 cr in series I funding
The funding was raised from Canada Pension Plan Investment Board
VerSe Innovation, the parent company of Dailyhunt and Josh, has raised nearly Rs 207 crore ($28 million) from Canada Pension Plan Investment Board (CPPIB) as a part of its Series I funding round, as per regulatory filings by the company. The company has allotted 50,148 Series I Preference shares to CPPIB at an issue price of Rs 41,283.50 per share.
Earlier, VerSe Innovation has signed definitive documents for raising $450 million+ in a Series I funding round from marquee global investors Siguler Guff, Baillie Gifford, affiliates of Carlyle Asia Partners Growth II and others. Existing investors Sofina Group, Qatar Investment Authority and BCap also participated north of their pro rata in this round, resulting in VerSe Innovation more than doubling its valuation from its prior round 5 months ago.
The multi-million-dollar investment came close on the heels of a $200 million+ fund raise from Falcon Edge Capital via Alpha Wave Ventures, Glade Brook Capital Partners, Google, Microsoft and QIA which concluded in February 2021, taking the total capital raise in the first half of 2021 to beyond $650 million.
VerSe Innovation’s proprietary technology platform serves one out of every two internet users in the country across ‘Josh’, India’s largest short video platform and ‘Dailyhunt’, India’s largest local language content platform. Josh is the fastest growing and most engaged short-video app in India with over 115+ million MAUs (Monthly Active Users), 56+ million DAUs (Daily Active Users) and the best DAU/MAU ratio in the industry of 49%. Josh represents a confluence of India’s top 200+ best creators, the 15 biggest music labels, best-in-class content creation tools, the hottest entertainment formats, and formidable user demographics.
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