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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.