Josh app's parent company VerSe has joined hands with HappyTopia
By siliconindia | Saturday, 18 November 2023, 08:21 IST
VerSe, the parent company of Josh app, has teamed up with HappyTopia, led by CEO Kunzang Chawla, to enter the realm of children's entertainment products. HappyTopia, known for its vending machines catering to kids, will collaborate with Josh to introduce co-branded capsules, aiming to amplify enjoyment for both children and parents. By leveraging Josh's tech proficiency, HappyTopia aims to enhance the convenience and excitement of shopping through their smart vending machines. Kunzang Chawla, the founder, expressed enthusiasm about the partnership, stating that by harnessing Josh's entertainment expertise and cutting-edge technology, they aspire to expand their reach and transform how families engage with and enjoy HappyTopia's offerings.
HappyTopia currently operates 150 vending machines in Bengaluru and Hyderabad and envisions expanding its reach nationwide with over 5000 vending machines, considering this partnership as a transformative move for its business. Launched in 2020 by VerSe Innovation, Josh is an Indian short video app boasting a network of more than 1,000 creators and a community of 20,000 managed creators. It has collaborated extensively within the music industry and claims a substantial user base of over 15 million UGC creators, cutting-edge content creation tools, diverse entertainment formats, and a strong user following.
During the same period, VerSe witnessed an escalating loss. For the financial year ending March 2022, it reported a loss of INR 2,563.33 Cr, marking a substantial increase from INR 807.95 Cr in FY21. According to research conducted by the IMARC Group, the market size for children’s entertainment reached $11.2 billion in 2022 and is projected to expand to $18.1 billion by 2028, showcasing a 7.95% CAGR. Notably, Imagimake, a toy manufacturer, recently secured INR 20 Cr from Pidilite Ventures to enhance its production capacity, cater to rising demands, and introduce a new line of products over the next 18-24 months. The startup aims to utilize these funds to accelerate its growth trajectory and expand its operational scale.
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