NEW DELHI: VerSe Innovation, which runs Dailyhunt and short video app Josh, on Tuesday said it has completed an over USD 100 million (about Rs 739 crore) fund raising round from AlphaWave, Google and Microsoft.
Existing investors, Sofina Group and Lupa Systems also participated in this round, a statement said. With this new infusion of capital, the company is now valued at over USD 1 billion, it added.
"VerSe plans to deploy its new capital steadily in the continued scaling up of Josh, the augmentation of local language content offerings, the development of content creator ecosystem, innovation in artificial intelligence (AI) and machine learning (ML) and the growth of its truly made-in-Bharat-for-Bharat short-video platform," the statement said.
Currently, Josh has over 77 million monthly active users (MAUs), 36 million daily active users (DAUs) and more than 1.5 billion video plays per day.
VerSe Innovation's proprietary technology platform also powers various technology solutions including over 300 million users on Dailyhunt to consume content in their local language.
Dailyhunt is a vernacular content platform offering content artifacts every day in 14 languages. VerSe Innovation also counts Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and Goldman Sachs among its investors.