Dailyhunt’s Parent Entity VerSe Raises $805 Million, Valuation Jumps To $5 Billion
Versace Innovations has raised $805 million in funding round
new Delhi:
India’s Versace Innovations has raised $805 million in a funding round led by Canada’s top pension fund, which assumes a $5 billion valuation on the Google-backed parent of short-video app Josh and news aggregator Dailyhunt.
The funding round saw participation from firms including Canada Pension Plan Investment Board, Ontario Teachers Pension Plan Board, Luxor Capital and Sumeru Ventures.
Versace said the investment will strengthen the AI-powered vernacular content platform in its family of apps, which targets India’s next billion internet users.
Josh, which has over 150 million monthly active users, competes in India with domestic rivals Moj and Meta Platforms Inc’s Instagram reels, all of which have since blocked the popular TikTok in June 2020 amid a border crisis with China. Have jumped ,
The short video space has since attracted global investor interest in gap-filling applications.
