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Dailyhunt parent VerSe Innovation raises a record $805 million at a valuation of $5 billion

The startup will use the money to strengthen its AI/ML capabilities and invest in new efforts such as live streaming and Web 3.0, giving it ammunition to battle local rivals such as ShareChat and global competitors such as Instagram and YouTube.

April 06, 2022 / 06:32 AM IST

VerSe Innovation, the parent of news aggregator Dailyhunt and short video app Josh, said on April 6 that it has raised $805 million at a valuation of $5 billion, as investor sentiment remains strong despite technology stocks coming under pressure in recent months.
The startup will use the money to strengthen its AI/ML (artificial intelligence/machine learning) capabilities and invest in new efforts such as live streaming and Web 3.0, giving it ammunition to battle local rivals such as ShareChat and global competitors such as Instagram and YouTube.

This is also the largest funding round by an Indian startup this year, especially at a time when investors are turning cautious and taking a long time to close deals. Dailyhunt's $805 million tops the list so far, followed by Swiggy which raised $700 million. Others who raised over $400 million include Polygon, Byju's, and Uniphore.

The investment was led by Canada Pension Plan Investment Board (CPP Investments) with $425 million infusion. Other investors include Ontario Teachers Pension Plan Board (Ontario Teachers’), Luxor Capital, and Sumeru Ventures.

So far the company has raised over $2 billion in funding, of which $1.5 billion was raised in the last year alone.