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VerSe Innovation adds World's Largest Digital Newsstand to its portfolio; onboards 8,500+ premium magazines and newspapers

2024-05-24 04:58:25 News & Society


New Delhi, 18 April 2024: VerSe Innovation, India's biggest local language technology platform, today announced its acquisition of Magzter, a cross-platform, self-service, global digital newsstand with a library of 8,500+ premium magazines and newspapers. This move marks Dailyhunt's strategic foray into super premium content and signifies a transformative juncture in VerSe Innovation's journey to becoming India's largest digital media tech conglomerate.

Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages including English, French, Italian, Japanese, Russian, Spanish, and more. This includes globally acclaimed publications such as Time, Newsweek, Fortune, The Economist, Forbes, Reader's Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, Bazaar among others across their respective India and international editions. This expansion addresses the demand for high-quality premium content, particularly catering to the discerning tastes of India's elite and aspirational upper-middle-class demographic.

The acquisition fortifies Dailyhunt's position as the largest platform for news and infotainment in the country, serving content in key international and regional languages. Furthermore, this acquisition also marks the evolution of the Dailyhunt's revenue model, expanding from pure advertising to include a blend of subscription-based revenue streams.

Speaking about the acquisition, Virendra Gupta and Umang Bedi, Co-founders, VerSe Innovation, said, "Magzter is a perfect fit for our ecosystem. The acquisition aligns seamlessly with our growth trajectory and enhances our ability to deliver premium content experiences to our ever-expanding user base. We will keep strengthening our capabilities and spreading our wings, leading the way in India's digital content space."

"We are excited to join forces with VerSe Innovation and contribute to the evolution of content consumption in India," said Girish Ramdas and Vijayakumar Radhakrishnan, Co-Founders, Magzter. "This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers.”

Magzter, with its impressive track record of having over 1.1 million active paying subscribers from India alone and a user base exceeding 87 million since its establishment in 2011, has become the world's largest and fastest-growing digital newsstand. Offering thousands of magazines and newspapers across 40+ categories, Magzter brings a wealth of premium content to the Dailyhunt ecosystem. Avendus was the exclusive financial advisor in this transaction.

VerSe Innovation’s acquisition capability is underpinned by its robust financial standing led by its successful funding round of US$ 805 million, alongside Dailyhunt's consistent positive EBITDA, for over two years, and showing continuous YoY growth.

VerSe continues to build strategically with the launch of several new initiatives including VerSe Collab - An tech driven Influencer Marketplace and the upcoming introduction of the VerSe NeXTChange, a Bharat focused programmatic audience network and WISE – VerSe’s Generative AI Platform for content generation. VerSe Innovation remains steadfast in its pursuit of growth and expansion opportunities. With a deep and diverse cap table, the company is on track unlocking new avenues for expansion and further cementing its position as the leading media tech conglomerate.

About VerSe Innovation Private Limited:

At the core of VerSe Innovation, is the idea that technology can help bridge the digital divide. Since its inception, VerSe has risen to the challenge of serving the unmet content needs of millions of consumers using technology. Its unique artificial intelligence, machine learning and deep learning technologies enables personalised content to be delivered to millions of users based on their consumption preferences. Today VerSe Innovation’s proprietary technology platform powers 350 million + users to consume content in their local language on Dailyhunt. Its technology also powers India’s #1 and most engaging short-video app Josh.

Company :-Edelman

User :- Abhishek Verma


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