Find out how VerSe Innovation, a parent company of Dailyhunt and Josh earned the unicorn status
VerSe Co-founders Umang Bedi (left) and Virendra Gupta
VerSe operates Dailyhunt and Josh. The former is an aggregator that provides content in 14 Indian languages from multiple providers; the latter is a short-video app that allows users to record/ upload videos.
Before launching VerSe, Virendra Gupta, 49, an engineer from IIT Bombay worked with BPL and Airtel, and Umang Bedi, 43, an engineer from Harvard University was the CEO of Facebook India.
April 13, 2007
The Big Idea
Dailyhunt uses a proprietary algorithm to deliver personalised, curated content to its user base.
The Eureka Moment
Between 2014 and 2017, Dailyhunt became the largest local language news platform, with 40 million new active users (currently over 311 million) and 30 per cent of users coming back every day. Josh has seen similar success, with 5 million new active users and 45 million daily active users.
- The firm has raised $450 million to date.
- In February 2021, it raised $100 million in an investment round led by the Qatar Investment Authority and Glade Brook Capital Partners. Investors include Canaan Valley Capital and the Sofina Group.
- In December 2020, it raised $100 million from Google, Microsoft, and Falcon Edge’s Alpha Wave Incubation.
- Other investors include Lupa systems, Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and the Omidyar Network.
- The Business Model runs on an advertising-led model. VerSe president Umang Bedi says global giants are not in the best position to capitalise on content delivery to local audiences since they lack an understanding of the content that is in demand and the methods to deliver it. “Whoever is able to capitalise on this demand will have an opportunity to create a multi-billion dollar tech company,” says Bedi.
Next Big Thing
To launch more products and enter new markets.
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