DailyHunt’s parent company Ver Se Innovation announced on Monday that it has raised $100 Million in a Series H funding round from Qatar Investment Authority (QIA). The funding round also saw participation from Glade Brook Capital Partners, Canaan Valley Capital and existing investor Sofina Group. The investment banking firm Avendus was the sole advisor on the transaction.
The other investors in Ver Se Innovation include Lupa Systems, Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and Omidyar Network.
Ver Se Innovation Joined Unicorn club
The recent announcement of funding from the company has arrived after two months of raising the same amount from Google, Microsoft and Alphawave, and joining startups unicorn club.
The company will utilize the funds to scale up Josh (its short video app) by boosting the regional language content offerings, innovating in Artificial Intelligence and Machine Learning and developing its content creator ecosystem.
Josh was launched by Ver Se Innovation following the ban of Bytedance-owned TikTok in the country. The app claims that it is one of the fastest growing short video apps in the country. It also claims to have more than 8.5 crore monthly active users, 4 crore daily active users and more than 15 crore video plays on a daily basis.
Josh’s major competitors list includes Instagram Reels, Times Internet’s MX Takatak, Sharechat’s Moj, Mitron, Bolo Indya and InMobi’s Roposo.