Dailyhunt - Get Daily News and Content in your Own Language

Chayanika Goswami Chayanika Goswami
Oct 13, 2021 8 min read
Dailyhunt - Get Daily News and Content in your Own Language

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Dailyhunt.

We no longer have to wait for the newspaper to get the latest news, nor do we require to wait till we reach home and switch on the TV to know the breaking news. With mobile phones and fast and cheap internet services, news and information are now much easier to access. Wondering! Which Country App is Dailyhunt? It is an Indian news aggregator app headquartered in Bangalore.

An entrepreneur, Virendra Gupta could foresee this situation even before it actually arrived, which led him to acquire Newshunt in 2011, which is currently known as Dailyhunt. Today Dailyhunt procures content from over 1000+ publishers and is getting much popularity as the content is available in 14 Indian regional languages. Let's have a look at the journey of this top Indian startup.

Dailyhunt became India's first tech unicorn focused on local languages, after its parent organization, VerSe Innovation received funding of over $100 million led by Google, Microsoft, and Falcon Edge’s Alpha Wave Incubation, at a valuation of more than $1 billion.

Find 650+ newspapers and channels in a single app in your own language - Dailyhunt

StartupTalky covers the success story of Dailyhunt in this post. Know all about how Dailyhunt works, its revenue model, funding, founder/owner, business model, mergers and acquisitions & more.

Dailyhunt Β - Company Highlights

Startup Name Dailyhunt
Headquarters Bangalore
Founder Virendra Gupta
Sector News
Founded 2009
Parent Organization Verse Innovation Pvt Ltd.
Valuation $3 Billion (October 2021)
Website www.dailyhunt.com

Dailyhunt - Latest News
Media and Entertainment Sector in India
About Dailyhunt and How it Works
Dailyhunt - Founders and Teams
How was Dailyhunt Started?
Dailyhunt - Name and Logo
Dailyhunt - Business Model and Revenue Model
Dailyhunt - Funding and Investors
Dailyhunt - Mergers & Acquisitions
Dailyhunt - Partnership
Dailyhunt - Growth
Dailyhunt - Why are Losses Piling Up?
Dailyhunt - Competitors
Dailyhunt - Future Plans
Dailyhunt - FAQs

Dailyhunt - Latest News

13th October 2021 - Dailyhunt parent, VerSe Innovation acquires GolBol, a Mumbai-based social networking app made in India.

12th August 2021 - VerSe Innovation, the parent company of news aggregation platform Dailyhunt and short video app Josh, has raised $450 million from Baillie Gifford, private equity giant Carlyle, Singular Guff, and others, indicating momentum in the Indian social media space.

24th June 2021 - Dailyhunt saw its total collections surge 95% from Rs 159.1 crore in FY19 to around Rs 310 crore in FY20.

Media and Entertainment Sector in India

According to the PwC report, India’s Media and Entertainment sector are fairly expected to touch $45.1 billion by 2021, expanding at a CAGR of over 10.5%. The report also states that the segment has undergone substantial progress since 2016 when its valuation stood at $27.3 billion.

About Dailyhunt and How it Works

Dailyhunt is an Indian news and content aggregator application that provides local language content in 14 Indian languages which include major languages like Hindi, Kannada, and Marathi to name a few, from over 3000+ content providers.

It is one of the early entrants in the regional content space in the country. The interesting part is that the platform also offers short videos. This video content is sourced from organizations and stringers. Through its smart technology, the platform personalizes the content as per the user’s requirements.

From the nation's biggest news source to hyperlocal correspondents, it curates news that you will surely love to watch. Almost 90% of the users use the platform in regional languages. It has a user base of more than 285 million. The unique proposition is that users can browse the topics of their interest and also share news over different social media platforms like Whatsapp, Facebook, etc.

Dailyhunt - Founders and Teams

Virendra Gupta is the founder and CEO of Dailyhunt while Umang Bedi is the co-founder and Shailendra Sharma is the co-founder & SVP of Dailyhunt.

Virendra Gupta, Umang Bedi and Shailendra Sharma (L to R)
Virendra Gupta, Umang Bedi and Shailendra Sharma (L to R)

Virendra Gupta has initially started Dailyhunt. Later, he roped in Umang Bedi and Shailendra Sharma to make the platform available to a larger audience.

How was Dailyhunt Started?

Dailyhunt, earlier known as Newshunt, was started by two ex-Nokia employees Umesh Kulkarni and Chandrashekhar Sohoni. It was created as a Symbian app in 2009 but later in 2011, got acquired by Virendra Gupta.

Virendra Gupta is the founder of Verse Innovation. He had started his venture VersΓ© Innovation Pvt Ltd. as a value-added service (VAS) company that provides SMS alerts on jobs, matrimony, property, news, and education to subscribers from around the country. In 2015, he renamed Newshunt as Dailyhunt.

The name Dailyhunt was chosen because the app allows users to get daily news when search determinedly.

Dailyhunt Logo
Dailyhunt Logo

Dailyhunt - Business Model and Revenue Model

Dailyhunt is totally free for users to read the news. It basically generates revenue from:

  1. Impressions Based (News): Tie-ups with large news media and publishing houses wherein Dailyhunt shares the advertising revenue on the news screens with these players.
  2. Transactions Based (Books, Magazines, and Singles): Tie-ups with book and magazine publishers, wherein the platform acts as a distributor for these books, collects the revenue from the users and shares it with the publishers who in turn may share it with the authors.

Dailyhunt - Funding and Investors

VerSe Innovation, the parent company of news aggregation platform Dailyhunt and short video platform Josh, has raised $450 million from Baillie Gifford, private equity giant Carlyle, Singular Guff, and others indicating momentum in the Indian social media space.

Date Stage Amount Lead Investors
August 2021 Series I $450 million Siguler Guff, Baillie Gifford and Carlyle Asia Partners
February 2021 Series H $100 million Qatar Investment Authority and others
December 2020 Series H $100 Million Google, Microsoft and Falcon Edge’s Alpha Wave Incubation
November 2020 - $10 Million) B Capital Group
May 2020 Series G $35.6 million Lupa India, ByteDance, Goldman Sachs
April 2020 Series G $23.5 million Falcon Edge Capital, ByteDance
November 2019 Secondary Market - ByteDance
August 2019 Series F $3 million Goldman Sachs
May 2019 Series F $22 million Sofina
January 2019 Series E β‚Ή24.61 crore Omidyar Network, Sequoia Capital, Renu Sehgal Trust
January 2019 Venture Round - Equip Capital
September 2018 Series E $6 million Falcon Edge Capital
October 2016 Series D $25 million Byte Dance
February 2015 Series C $40 million Falcon Capital
September 2014 Series B β‚Ή100 million Sequoia Capital India

Dailyhunt - Mergers & Acquisitions

  • Dailyhunt's parent organisation VerSe Innovation has acquired India-based Vebbler, a community-focused application for sharing photos and videos on 10th March 2021.
  • On 23rd February 2021, VerSe Innovation has also acquired Bengaluru-based AI solutions provider Cognirel Technologies Pvt. Ltd.
  • Dailyhunt acquired image translator firm ImageTranslate in August 2019. Through this deal, ImageTranslate is expected to help in enriching its vernacular content with design and graphics.
  • In June 2019, the startup acquired hyperlocal video content and news content application LocalPlay, which will help the site to stream video content in smaller towns. This deal will also enable the local businessmen to advertise on the platform to target consumers in their area.
  • In July 2015, Dailyhunt acquired Buyt.In, a search engine that enables its users to discover, compare, and purchase products from a range of e-commerce portals.

Dailyhunt - Partnership

In December 2020, Dailyhunt announced its partnership with Mzaalo. This will allow Dailyhunt users to get access to Mzaalo's content and also earn a reward point. These points can later be redeemed to purchase products/services of brands in the Mzaalo app.

Dailyhunt - Growth

In July 2018, Dailyhunt added over 12 million net new monthly active users, and in August, it beat the previous month’s performance with the addition of 15 million net new monthly active users. Total monthly users on all platforms (Dailyhunt and OneIndia) put together as of September 2018 was 138 million, of which Dailyhunt accounted for 100 million. Moreover, the time spent per daily active user is over 27 minutes per person per day as reported at the end of 2018.

Dailyhunt has grown to serve over 300 million users every month and its short video app, Josh claims to grow its monthly active users (MAUs) to 115 million, and its daily active users (DAUs) to 56 million, as per August 14, 2021 reports.

Dailyhunt - Why are Losses Piling Up?

Dailyhunt attained unicorn status after the Google-led fundraising round in December 2020, and the Indian content and news aggregator platform is aiming to scale new horizons with the Chinese apps not yet to be unbanned anytime soon.

The Indian content and news aggregator platform has reportedly increased its operating revenue in FY20 where its total collections amounted to Rs 310 crore, which improved by 95% from Rs 159.1 crore in FY19. However, the company has simultaneously witnessed a surge in its total expenditure, which included:

  • Advertisement and promotional expenditure - This rose by 74% from Rs 214.6 crore in FY19 to Rs 373 crore in FY20.
  • Commissions to selling agents - The company distributed commissions amounting to Rs 8.4 crores to their selling agents.
  • Expenditure on employee benefits - This witnessed a rise of 36%, from Rs 114 crore in FY19 to Rs 155.2 crore in FY20.
  • Training and recruiting expenses - Additional amount of Rs 3 crore.
  • Miscellaneous expenses - This surged 54.4%, from Rs 81.6 crore in FY20 to Rs 126 crore in FY21.
  • Legal and professional costs - Dailyhunt has to bear Rs 16.7 crore in the name of legal and other professional costs.

Going by the income-expenses of the company, Dailyhunt had to spend Rs 2.7 to earn a single rupee, which is a slight improvement from Rs 3 spent to gain Re 1, which the company exhibited at the end of the past financial year. The main reason for the losses that Dailyhunt is picking up is the rising costs of the company that needed to be curbed in the future. These expenses would continue to grow even in FY21 and FY22 due to Josh, the short-form video app launched by Dailyhunt, according to the experts. The reasons for the upcoming expenditures are mainly associated with the promotion and seamless integration of Josh, which is facing huge market competition from ShareChat's Moj, InMobi-owned Glance's Roposo and MX's Takatak.

Dailyhunt - Competitors

Though Dailyhunt was one of the early entrants in the market, today it faces strong competition in the market. There are a lot of applications with different USPs running for the first position in the market. These applications include -

  • Newsstand
  • Inshorts
  • Business Insider
  • FirstPost
  • NDTV
  • Dainik Bhaskar

Dailyhunt - Future Plans

Dailyhunt plans to reach 600 of 725 districts of India from its current presence in 400 districts.

β€œFor the next 10 years, we are going to be all about Bharat or India that does not speak English to take to consumption in a big way with smartphones", says Virendra Gupta, founder and CEO of Dailyhunt.

Dailyhunt - FAQs

What is Dailyhunt?

Dailyhunt is an Indian news and content aggregator app that provides local language content in 14 Indian languages from over 3000+ content providers.

Dailyhunt is from which country?

Dailyhunt originated from India but has Chinese Investors like ByteDance. The company has raised $25 million in its series D round of funding led by China's ByteDance.

Who is the Dailyhunt app owner?

Dailyhunt's parent company is VerSe Innovation which is owned by Virendra Gupta. He is the founder and CEO of Dailyhunt.

What languages does Dailyhunt support?

Dailyhunt has content in 14 Indian languages: Hindi, Tamil, Telugu, Kannada, Malayalam, Marathi, English, Gujarati, Punjabi, Oriya, Bengali, Urdu, Nepali & Bhojpuri.

What is Dailyhunt valuation?

Dailyhunt, Josh parent company VerSe Innovation has raised $450 million at a valuation of nearly $3 billion .

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