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Dailyhunt funded with $25 million by China’s ByteDance

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DailyHunt is a mobile app for news in regional languages in India

Bengaluru-Oct 15, 2016. Rednewswire/-

DailyHunt, a mobile app which presents news in vernacular languages has raised $25 million with funding from Chinese content provider called ByteDance. The latter is headquartered in Beijing and operates content service providers Toutaio in China and TopBuzz in Brazil and US.

The Bengaluru based content service provider has also managed to get funding from the chief executive officer of Vodafone, Arun Sarin in addition with the funding from  previous investors Matrix Partners India, Sequoia Capital, Omidyar Network and Falcon Edge Capital.

According to sources, the company is in talks for a new funding round while the amount is not known but the deal is likely to be fixed at a premium to its previous funding of Rs 1700-1800 crore. According to Virendra Gupta, founder of Ver Se Innovation, DailyHunt has grown by partnering with advertisers, developers, ecosystem partners and publishers. The company is really thankful to them and is determined for commitment towards digital regional language domain. The investment from ByteDance, strengthens the company’s belief and induces them to take inspiration from ByteDance’s personalized and large scale digital learning in order to provide a good experience to its users.

The company was initially started by then Nokia executives Chandrashekhar Sohoni and Umesh Kulkarni in 2009 as NewsHunt. It was then sold to Ver Se Innovations in the year 2012 after which it was re-branded to DailyHunt in 2015. The company today claims to 28 million monthy users. It serves news in 15 languages with 35,000 news publications daily.

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Digital content platforms such as DailyHunt are likely to prosper with the entry of Reliance Jio which is leading to 4G tariff wars. Recently, the company also invented in OneIndia to bring forth multimedia content specially in audio video format. It also acquired digital price comparison and recommendation service provider BuyT.in in 2015.  The company is also known to receive a tenth of its active monthly users from Jio.

ByteDance currently has about 140 million active monthly users. The company was valued at over $500 million in 2014. Sequoia Capital has invested in both ByteDance and DailyHunt.

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