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News on Medial
DailyHunt parent VerSe acquires digital marketing solutions firm Valueleaf
Economic Times
·
11m ago
Medial
VerSe Innovation, the parent company of DailyHunt and Josh, has acquired digital marketing solutions firm Valueleaf Group. It is expected to drive significant growth, generating $100 million in additional revenue and achieving a 10% EBITDA margin in FY25. The aim is to create a leading ad retargeting and exchange platform specific to India. Valueleaf brings 15 years of performance data, supply-side integrations with thousands of websites and apps, and vertical-specific solutions. VerSe has previously acquired companies like Magzter and has raised over $1.4 billion in funding.
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Dailyhunt's Parent VerSe bets on adtech to turnaround fortunes
Inc42
·
11m ago
Medial
Parent company VerSe Innovation, which owns news aggregator DailyHunt and short video platform Josh, has found ways to improve revenue. VerSe recently acquired adtech company Valueleaf Services, which will enhance its digital advertising and marketing capabilities. VerSe has been focusing on diversifying its revenue streams, with Josh generating revenue from commerce offerings and DailyHunt seeing growth in digital advertising revenue. While exact figures were not disclosed, VerSe reported doubling its revenue and reducing losses by 50% in FY24. The company aims to increase revenue and improve profitability through these acquisitions.
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Dailyhunt parent acquires Magzter, grows revenue from ads to subscriptions
Economic Times
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, has acquired Magzter, a digital magazine store based in New York. The deal allows Dailyhunt to enter the premium content market and diversify its revenue model. Dailyhunt has also launched Dailyhunt Premium, a subscription-based service offering access to premium international content and an ad-free experience. The acquisition is a cash-and-stock transaction, and Magzter's founders will be retained as the company operates as a subsidiary of VerSe. With over 1.1 million paying subscribers in India and a user base of 87 million globally, Magzter brings valuable resources to VerSe.
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DailyHunt parent Verse says on track to double revenue for current fiscal
VCCircle
·
11m ago
Medial
Verse Innovation Pvt. Ltd, the parent company of DailyHunt, is projected to double its revenue for the current fiscal year. The Indian news aggregation platform also owns short-format video platform Josh, US-based subscription magazines company Magzter, and recently acquired Valueleaf. The company aims to achieve a significant increase in its sales by 2025.
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Dailyhunt-parent VerSe acquires US-based Magzter to enter subscription biz
Entrackr
·
1y ago
Medial
VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt, has acquired Magzter, a global digital newsstand with a library of more than 8,500 premium magazines and newspapers. This move marks Dailyhunt’s strategic foray into premium content and signifies a transformative juncture in VerSe Innovation’s journey to becoming India’s largest digital media tech conglomerate, the company said in a press release. Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages including English, French, Italian, Japanese, Russian, Spanish, and others. This includes globally acclaimed publications such as Time, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, Bazaar among others across their respective India and international editions. Dailyhunt said that this expansion addresses the demand for high-quality premium content, particularly catering to the discerning tastes of India’s elite and aspirational upper-middle-class demographic. “This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers,” said Girish Ramdas and Vijayakumar Radhakrishnan, co-founders of Magzter in a joint statement. Launched in 20211, Magzter claims to have over 1.1 million active paying subscribers from India alone and a user base exceeding 87 million since its establishment. The firm also claims that it has become the world’s largest and fastest-growing digital newsstand. Furthermore, this acquisition also marks the evolution of Dailyhunt’s revenue model, expanding from pure advertising to include a blend of subscription-based revenue streams. As per the data intelligence platform TheKredible, VerSe’s overall revenue grew by 57% Y-o-Y to Rs 1,809 crore in FY23 from Rs 1,151 crore in FY22 whereas its losses stood at Rs 2,059 crore in FY23. The firm is yet to file its FY24 audited numbers. Dailyhunt has raised over $1.5 billion across several rounds to date and was last valued at $5 billion in its last equity round when it raked in $805 million led by Canada Pension Plan Investment Board in April 2022.
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DailyHunt parent VerSe Innovation reports 13% decline in operating revenue for FY24
YourStory
·
4m ago
Medial
Verse Innovation, the AI-driven company behind DailyHunt and Josh, reported a 13% decline in revenue for FY24, totaling Rs 1,261 crore. However, it reduced EBITDA burn by 51% to Rs 710 crore through cost-cutting measures. The company aims to break even by H2 2025, driven by innovation and AI automation. Recent acquisitions like Magzter and ValueLeaf are expected to enhance monetization and market reach, with projected revenue growth of over 75% in FY25.
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VerSe Innovation appoints Rohit Sandal as CHRO
YourStory
·
4d ago
Medial
VerSe Innovation, the parent of Dailyhunt, has appointed Rohit Sandal as Chief Human Resources Officer after Maya John stepped down. Sandal brings experience from Freshworks, Lenovo, and Dell. This appointment comes after VerSe laid off 350 employees to enhance profitability. The company aims for breakeven in the fiscal year's second half through its products like NexVerse.ai and Dailyhunt Premium. In FY24, VerSe's revenue declined by 7%, attributed to a sluggish advertising market.
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Dailyhunt Parent VerSe Innovation Secures INR 50 Cr Debt From Alteria Capital
Inc42
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, has raised INR 50 Cr ($6.25 Mn) in debt funding from Alteria Capital. The funds will be used for general corporate purposes and to support business growth and expansion plans. VerSe reported losses of INR 1,909.7 Cr in FY23, down 25% from the previous fiscal year. The company's flagship product, Dailyhunt, claims to have over 350 Mn monthly active users, while Josh reportedly has 139 Mn monthly active users and 68 Mn daily active users. This funding round comes after VerSe raised $805 Mn in 2022.
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Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%
Entrackr
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, reported a 57% increase in revenue and a 34% decrease in losses in FY23. The company's total revenue increased to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore. Dailyhunt generated over Rs 1,200 crore in revenue and achieved positive EBITDA, while Josh monetized in H2 FY23 with an ARR of over Rs 300 crore. VerSe effectively controlled expenses, with cost of services accounting for 45% and business promotional expenses decreasing by 22%.
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Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23
IndianStartupNews
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, has reported a 57% year-on-year growth in revenue for the fiscal year 2022-23. The company's total revenue surged to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore and non-operating revenue at Rs 352 crore. Dailyhunt achieved a positive EBITDA status with revenue surpassing Rs 1,200 crore, while Josh reported an annual recurring revenue (ARR) exceeding Rs 300 crore. VerSe successfully reduced its costs by 34% and raised $805 million in its Series J funding round.
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'Our name got unnecessarily dragged': VerSe’s Umang Bedi on round-tripping allegations
YourStory
·
1m ago
Medial
VerSe Innovation, parent company of Dailyhunt, refuted allegations of fake business dealings with Builder.ai, which faced insolvency. Allegations claimed revenue inflation through round-tripping with Builder.ai, but VerSe's Co-founder, Umang Bedi, deemed them baseless and misleading, providing evidence of legitimate transactions and collaborations. VerSe spent $80 million on Builder.ai's services over five years, while Builder.ai paid for VerSe's advertising services. Despite reporting a revenue dip, VerSe aims for 75% growth in FY25.
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