Verse Innovation, the parent firm of popular news aggregator Dailyhunt and short video app Josh, said it had raised over $450 million in a new financing round, just five months after securing $200 million, as the Indian startup looks to expand its offerings to international markets.
Siguler Guff, Baillie Gifford, Carlyle Asia Partners Growth II, and others financed VerSe Innovation’s Series I round, while existing investors Sofina Group, Qatar Investment Authority, and BCap participated.
Verse Innovation said in a statement that its valuation has more than doubled in the past five months without disclosing a precise figure. The startup was valued at over $1 billion in its Series H financing round. Update: Verse Innovation’s valuation is “nearing $3 billion” in the new round, said a person familiar with the matter.
The Google and Microsoft-backed startup claimed that Josh had amassed over 115 million monthly active users, 56 million who use the app each day. Dailyhunt, the startup said, has amassed over 300 million monthly active users.
Josh competes with scores of short video apps including Moj and MX TakaTak. These apps mushroomed after India banned TikTok over cybersecurity concerns in mid-2020 to cash in on the opportunity. ByteDance’s app identified India as its biggest international market, where it had courted over 200 monthly active users.