Dailyhunt’s parent VerSe raised Rs 50 Cr Debt funding from Alteria Capital
The parent company of Dailyhunt, a vernacular news aggregator, VerSe Innovation, has raised $6.25 million from Alteria Capital for debt financing.
According to Verse Innovation’s regulatory filing obtained from the Registrar of Companies, the board has raised Rs 50 crore, or $6.25 million, by issuing 5,000 Series C debentures at an issue price of Rs 1,00,000 apiece.
The filings also stated that the proceeds will be used for general corporate purposes taking into account the needs of business growth and expansion.
While Josh, a short video app, claims to have 68 million daily active users (DAUs) and 139 million monthly active users (MAUs), VerSe’s main product Dailyhunt claims to serve over 350 million users monthly (MAU).
The Bengaluru-based startup has so far raised over $1.5 billion in funding over the course of multiple rounds. In its most recent round, which saw the Canada Pension Plan Investment Board lead the round, it was valued at $5 billion.
According to the media, VerSe’s losses during the same period totalled Rs 2,059 crore, whereas its total revenue increased by 57% YoY to Rs 1,809 crore in FY23 from Rs 1,151 crore in FY22.
