Local language news aggregator Dailyhunt has hit the market to raise up to $100 million from new and existing investors, amid strong investor appetite for fast-growing content start-ups, two people familiar with the matter said
Bengaluru, 28 Nov, 2018. RedNewswire/-
The funding is an attempt by Dailyhunt to build a warchest against NewsDog, Sharechat, Helo and TikTok. In September,Dailyhunt raised over $6 million in a bridge round of funding.
Bengaluru-based Dailyhunt ,founded by Virendra Gupta, is a mobile application that publishes news and aggregates news in 17 languages. It’s parent company is Verse Innovation Pvt. Ltd. The company said earlier this month that it has more than 150 million monthly active users and 27 million daily users.
It also provides original video content in Hindi and Telugu and a free live television streaming service in nine languages through strategic partnerships. The company’s newest product is Newzly, a news excerpt mobile application that provides users customised trending headlines in nine languages.
In October 2016, Dailyhunt raised $25 million in a Series D funding round led by Beijing-based ByteDance. Other investors in Dailyhunt include Sequoia Capital, Matrix Partners, Falcon Edge Capital and Omidyar Network.
“The real challenge in the market is that Chinese apps have launched in India and are spending a lot of money on celebrities and endorsements. At the same time, Facebook apps such as Instagram have launched in Hindi,” said an investor, requesting anonymity. “These two factors are going to make it difficult for home-grown players.”
Helo and Tik Tok owner Bytedance, also an investor in Dailyhunt, is currently the most valuable startup in the world.