With a valuation of over $1 billion, India-based news aggregator Dailyhunt is the country’s first local languages tech unicorn.
Dailyhunt’s parent company, Verse Innovation has received $200 million in financing from an assembly of international players including Google, Microsoft, Goldman Sachs, Lupa Systems, Sofina, Omidyar Network, Bytedance, Qatar Investment Authority, Falcon Edge’s Alpha Wave Incubation, Glade Brook Capital and Canaan Valley Capital.
As reported in the Economic Times, the company plans to use the funds to develop its content creator ecosystem, enhance its TikTok-equivalent short video app Josh and expand its AI and machine learning trajectory.
This flurry of investments comes as Dailyhunt restructures and diversifies its operations into multiple categories due to a looming foreign investment cap on digital media firms at 26%. The regulation is set to go into effect on October 31, 2021.
Rajaram Legal advised Verse Innovation on all investment rounds. Cyril Amarchand Mangaldas represented both Alpha Wave and Google. J Sagar Associates acted for Microsoft, while Touchstone Partners advised Glade Brook Capital and Canaan Vally Capital. Trilegal represented Goldman Sachs and Bytedance.
The Qatar Investment Authority was counselled by Cleary Gottlieb Steen & Hamilton.