Digital media platform Dailyhunt and short video app Josh’s parent VerSe Innovation raised $805 million in funding led by Canada Pension Plan Investment Board (CPPIB), Ontario Teachers’ Pension Plan Board (OTPPB), Luxor Capital and Sumeru Ventures where existing investors Sofina Group and Baillie Gifford, among others, also participated, catapulting the startup’s valuation to $5 billion.
The Dailyhunt and Josh-parent intend to work on monetisation, a Web3 venture, and the creation of an IPO-ready business. The short video market in India is expected to reach 650 million users by 2025. Naturally, after TikTok was banned, the onus fell on short video apps like Josh to guide the 1 billion internet users in Tier 3 and beyond into a gripping and secure video entertainment and commerce journey. Dailyhunt, which has over 350 million users, is nearly profitable. Josh, its short video platform, has 150 million monthly active users (MAUs), and the company plans to start monetizing it this month. Over five million people use PublicVibe, a hyperlocal video platform, on a monthly basis.