Unicorn VerSe Innovation Grabs $450 mn



Unicorn VerSe Innovation Grabs $450 mn

One of the country’s largest local language technology platforms VerSe Innovation has announced it securing more than $450 million from marquee global investors Siguler Guff, Baillie Gifford, affiliates of Carlyle Asia Partners Growth II and many more.

The company says that the investment would be focused on reinforcing its leadership position as the fastest growing local language AI-driven content platform in the country.

The multi-million-dollar investment follows a $200 million+ fundraise from Falcon Edge Capital via Alpha Wave Ventures, Google, Microsoft, Glade Brook Capital Partners, and QIA in February 2021, taking the total capital raise in the first half of 2021 to beyond $650 million.

The company has a local language creator base of over 50 million creators and its local language content ecosystem which experiences over 80 billion video plays per month.

VerSe Innovation's technology platform serves one out of every two internet users in the country across Josh, India's largest short video platform and ‘Dailyhunt', India's largest local language content platform.

The short-video app Josh has over 115 million MAUs (monthly active users) and more than 56 million DAUs (daily active users). On the otherhand Dailyhunt serves more than 300 million users every month in 14 languages in the country.

VerSe said that existing investors Sofina Group, Qatar Investment Authority and BCap also participated in the new round that helped more than double its valuation from its prior round five months ago.

The firm says, "VerSe plans on both deepening and broadening its AI/ML and data science capabilities to further widen its leadership position across all user, engagement and retention metrics and drive further on monetisation," the company stressed.