Microsoft, Google, and AlphaWave, a Falcon Edge Capital unit, have invested over $100 million in India's DailyHunt’s parent company VerSe Innovation.
With this, the corporate has crossed a valuation of over a billion dollars, making it the newest unicorn in India. The corporate claims to be “India’s first tech unicorn for local languages.”
The funding has come via for DailyHunt’s take on TikTok - the short video platform(15 - 30 second) Josh. The information aggregator platform had developed and launched the Josh app after the Government of India banned TikTok in India, in 12 native Indian languages to capture the “Bharat” people, the term used for the next 200 million web users in India.
With this, the corporate has crossed a valuation of over a billion dollars, making it the newest unicorn in India. The corporate claims to be “India’s first tech unicorn for local languages.”
The funding has come via for DailyHunt’s take on TikTok - the short video platform(15 - 30 second) Josh. The information aggregator platform had developed and launched the Josh app after the Government of India banned TikTok in India, in 12 native Indian languages to capture the “Bharat” people, the term used for the next 200 million web users in India.
With the newest investment, the corporate plans to run with the ‘Atmanirbhar Bharat’(Self-reliant India) initiative to empower short video content creators in the entire India. “VerSe goals to underline and promote the rich heritage and tradition of India, aggregating such content and delivering it to the masses,” mentioned the corporate.
The corporate additionally plans to leverage artificial intelligence(AI) and machine learning functionalities to scale up the short-video app - Josh.
Curiously, the vision of Josh fits properly into Google’s investment technique for India. Throughout the Google for India event, where the worldwide tech giant announced a $10 billion funding plan for India in a release, the corporate’s CEO Sundar Pichai had mentioned that one of the 4 areas where they will make investments is in corporations “enabling reasonably priced access and information for each Indian in their very own language, whether it’s Hindi, Tamil, Punjabi, Bhojpuri or any other”.
DailyHunt, the content aggregation platform, counts Matrix Partners India, Falcon Edge Capital, Sequoia Capital India, Goldman Sachs as its current investors. DailyHunt has over 300 million active users, providing its content to users in native languages.
[Source: Tech Crunch]
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