VerSe Innovation, which owns DailyHunt, has recently bought Magzter (a worldwide digital newsstand), a platform that features a collection of over 8000+ high-quality publications, magazines, and newspapers.
According to a press release from the firm, this investment represents the strategic entry of DailyHunt into the premium content market and a turning point in the innovation development of VerSe into India’s largest digital tech conglomerate.
When the DailyHunt premium launches, the users will have access to over 60 languages such as English, Spanish, French, Japanese, Italian, Russian, and others, as well as access to premium content for global publishers. This comprises globally recognized magazines with Indian and Foreign editions that are globally read such as – Time, Fortune, Forbes, New Yorker, Bazaar, Reader’s Digest, Cosmopolitan, Vogue, Vanity Fair, etc.
According to DailyHunt, this growth responds to the market for premium material of the highest caliber, especially for the discriminating palates of India’s upper-middle-class aspirational and elite population.
Girish Ramdas and Vijayakumar Radhakrishnan said in a joint statement, “This partnership opens up a new path to enable to deliver the premium quality content experience to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers.
Since its launch in mid-2011, The Magzter has amassed over 87 million users and also claims to have over 1.1 Million active users, and paying members from India alone. The company has also claimed that it is the biggest and fastest-growing digital newsstand in the world.
Additionally, DailyHunt’s income model has evolved as a result of this transaction, moving from pure advertising to a combination of subscription-based revenue streams.
VerSe’s entire income increased by 57% YoY to Rs. 1,809 crores in FY23 from Rs. 1,151 crores in FY22, while its losses decreased to Rs. 2,059 crores in FY23, according to data analytics platform TheKredible and the company has not yet submitted its audited FY24 figures.
With the help of the Canada Pension Plan Investment Board, Dailyhunt raised $805 million in its most recent equity round in April 2022, valuing the company at $5 billion. To date, the company has raised over $1.5 billion in many rounds.
