Parent firm of Dailyhunt and Josh apps raises $805M investment at $5B valuation

VerSe Innovation, an Indian social content startup that launched its short video app four days after the Indian government banned China’s TikTok, has received $805 million in its latest funding round, the nation’s most considerable venture capital round this year.

The startup built one of India’s most significant adtech businesses and is also driving commerce through its apps. It was valued at nearly $5 billion in its Series J funding round, up from about $3 billion only eight months ago.

The latest financing round was led by Canada Pension Plan Investment Board (CCP Investments), its most significant investment in the subcontinent. Luxor Capital, Ontario Teacher’s Pension Plan Board, Sumeru Ventures, and existing backers Baillie Gifford and Sofina Group also participated in the round.

The Bengaluru-based VerSe Innovation runs the Josh app, nicknamed Instagram for Bharat, referring to the non-English speaking Indian population outside its affluent top metropolitan cities. VerSe Innovation also owns the regional language content delivery platform Dailyhunt, which focuses on India’s enormous regional-language users.

Virendra Gupta, the founder of VerSe, said that the firm would use the latest investment to broaden its artificial intelligence (AI) and machine learning (ML) capabilities, using data science to boost user retention and engagement. The finances will also drive revenues through live and influencer-led commerce.