VerSe Innovation Acquires Magzter, Global Digital Newsstand

By siliconindia  |  Thursday, 18 April 2024, 09:38:18 AM IST

VerSe Innovation Acquires Magzter, Global Digital Newsstand
VerSe Innovation, a prominent local language technology platform, has announced its acquisition of Magzter, a globally recognized digital newsstand boasting a vast library of over 8,500 premium magazines and newspapers. The financial details of the acquisition remain undisclosed.
Under the rebranded name 'Dailyhunt Premium', this subscription-based offering will grant users access to a diverse array of premium content from renowned global publishers, spanning more than 60 languages. Notable publications include Time, Newsweek, Fortune, The Economist, Forbes, and many more illustrious names in the publishing world.
Virendra Gupta and Umang Bedi, co-founders of VerSe Innovation, expressed enthusiasm about the acquisition, highlighting its alignment with the company's growth trajectory and its commitment to delivering premium content experiences to its expanding user base.
Magzter, established in 2011, has garnered over 1.1 million active paying subscribers in India alone, with a global user base surpassing 87 million. Girish Ramdas and Vijayakumar Radhakrishnan, co-founders of Magzter, emphasized the partnership's potential to enhance digital reading experiences for users across India.
VerSe Innovation's financial stability, bolstered by a successful funding round of $805 million and Dailyhunt's sustained positive EBITDA performance for over two years, underscores its capacity for strategic acquisitions. This acquisition is poised to further solidify VerSe Innovation's position as a leading provider of digital content experiences in India and beyond.

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