NAME: Series-H financing for Dailyhunt
LAW FIRM: Rajaram Legal, Touchstone Partners, Cleary Gottlieb Steen & Hamilton
LAWYERS: Rajaram Legal - Prasad Subramanyan, Nikita Rajwade
Touchstone Partners – Ruchir Sinha, Sanjana Bhatnagar
PRACTICE AREA: Private equity
INDUSTRY SECTOR: Technology and telecommunications
The most recent round of offshore investment tranches into Indian unicorn Dailyhunt is our deal of the month for February.
The Dailyhunt series-H funding of over $100 million led by Glade Brook Capital and the Qatar Investment Authority was completed in early February. Canaan Valley Capital and existing investor Sofina Group also participated in this round. The India-based news aggregator has attracted ample attention from international companies and financial institutions since being valuated at over $1 billion. Dailyhunt is the country’s first local languages tech unicorn.
Dailyhunt’s parent company, Verse Innovation had received more than $100 million financing from Google, Microsoft, and Alpha Wave Incubation in December. Other investors include Goldman Sachs, Lupa Systems, Sofina, Omidya Network, Alpha Wave Incubation and Bytedance.
This transaction, and Dailyhunt’s previous financing rounds, underscores the increasing prominence of domestic technology firms and apps as they ride the wave of the country’s explosive growth. Since India banned Tik Tok last year, multiple local apps have moved in to fill the gap. Verse Innovation plans to use its fresh funds to develop its content creator ecosystem, and enhance its own short-video app, Josh, alongside improving its AI and machine learning trajectory.
Rajaram Legal, led by partner Prasad Subramanyan, has advised Verse Innovation on all investment rounds. A Touchstone Partners team, led by corporate and private equity specialist Ruchir Sinha, acted for Glade Brook Capital and Canaan Valley Capital. The Qatar Investment Authority was represented by Cleary Gottlieb Steen & Hamilton.