Dailyhunt Parent VerSe Innovation Acquires Global Digital Newsstand Magzter Dailyhunt is launching Dailyhunt Premium, a subscription service that will give users access to premium content from international publishers in over 40 categories and 60 languages, including Spanish, English, French, Italian, Japanese, and Russian.
By Entrepreneur Staff •
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Local language technology platform VerSe Innovation announced on Thursday that it has acquired Magzter, a cross-platform, global digital newsstand with a library of more than 8,500 premium magazines and newspapers, for an undisclosed sum.
According to the official release, this move marks Dailyhunt's strategic foray into super premium content. This acquisition would also help in its journey to becoming India's largest digital media tech conglomerate.
Virendra Gupta and Umang Bedi, Co-founders of 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."
In anticipation of this agreement, Dailyhunt is launching Dailyhunt Premium, a subscription service that will give users access to premium content from international publishers in over 40 categories and 60 languages, including Spanish, English, French, Italian, Japanese, and Russian.
Dailyhunt claims to serve over 350 million monthly active users (MAUs) every month. The time spent per daily active user (DAU) is 30 minutes per user per day.
Started in 2011, New York-based firm Magzter claims that it has a user base of 87 million users across 175 countries.
For now, it provides a selection of plans for its Indian clientele. This has four plans: INR 3,999 for a year, INR 6,999 for two years, and INR 9,999 for three years. The monthly plan is INR 399.
"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."
In 2007, Virendra Gupta and Shailendra Sharma founded VerSe Innovation. In 2020, Umang Bedi—who had joined the company in February 2018—was promoted to co-founder.
In April 2022, the Bangalore-based company, valued at over USD 5 billion, raised USD 805 million in a fundraising round led by the Ontario Teachers' Pension Plan Board and the Canada Pension Plan and Investment Board. Through several rounds of fundraising, VerSe Innovation has raised over USD 2 billion in funding to date.
