VerSe Innovation, Parent Company of Dailyhunt, Secures Rs 50 Crore in Debt Funding
- ByStartupStory | February 8, 2024
VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt, has secured $6.25 million in debt funding from Alteria Capital. The company’s board has issued 5,000 Series C debentures at an issue price of Rs 1,00,000 each, raising Rs 50 crore or $6.25 million, as per its regulatory filing with the Registrar of Companies.
According to the filing, the funds will be utilized for general corporate purposes to support business growth and expansion needs. VerSe’s flagship product, Dailyhunt, claims to have a user base of over 350 million monthly active users (MAUs), while its short video app Josh boasts 139 million MAUs and 68 million daily active users (DAUs).
VerSe Innovation has raised over $1.5 billion in funding across various rounds and was last valued at $5 billion in its previous funding round, where it secured $805 million led by Canada Pension Plan Investment Board.
Data from TheKredible, a data intelligence platform, reveals that VerSe’s total revenue surged by 57% year-on-year to Rs 1,809 crore in FY23 from Rs 1,151 crore in FY22, while its losses amounted to Rs 2,059 crore during the same period.
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