VerSe Innovation has released an official statement on Monday related to H round funding. The company has raised around $100 million from Qatar Investment Authority and Glade Brook Capital Partners. VerSe Innovation is known for its media portal DailyHunt and Josh, a short video app.
VerSe Funding Details and Future Plans
Google-backed VerSe is having a golden run in fundraising rounds. In the month of December as well, it raised over $100 million from Google, AlphaWave, and Microsoft. That funding helped DailyHunt to become the unicorn. A company with having a valuation of $1 billion and more comes under the unicorn club. The startup stands strong with a total lifetime funding of $430 million.
The verSe is planning to expand its operations in other sectors. The startup is also looking to go global this year.
The startup is planning to use the raised funds in three areas. First, the startup wants to offer its content in more languages to widen the user base. Second, it plans to attract more creators to its platform. It wants to make the creator’s ecosystem better. Third, the company wants to invest in Artificial Intelligence and Machine Learning algorithms more to make users’ experience better.
Dailyhunt and Josh is Leading in their Respective Categories
Dailyhunt is one of the popular news and entertainment app in India. Virendra Gupta and Umang Bedi co-runs Dailyhunt operations. It serves more than 285 million users. Having contents in 14 local languages make it popular among the masses. Social media giant Twitter’s partnership with Dailyhunt tells the popularity of this startup. Dailyhunt has a totally dedicated tab for Twitter moments India. Under this tab, Twitter posts curated tweets related to news and entertainment.
To woo the short video platform users, VerSe started its own short video app, Josh. The decision was taken after the TikTok ban.
Josh has 85 million monthly active users. Among these users, 40 million use the Josh App every day. Josh users play around 1.5 billion videos every day.
“Josh represents a confluence of India’s top 200+ best creators, the 10 biggest music labels, 15+ million UGC creators, best in class content creation tools, the hottest entertainment formats, and formidable user demographics. Josh has been consistently rated as the leading Indian short-video app in India on the Play store,” the startup said in a statement.
Other apps like MX player, Chingari have also tried to attract TikTok users on their platforms. Big giants like Facebook and YouTube also started their short video platforms. YouTube short, dedicated to a short video by Youtube, has brought interesting statistics for YouTube. It is garnering over 3.5 billion daily views in India.
With over 450 million users in India, YouTube is closing in on WhatsApp’s market lead in India.