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India's Josh close to raising $500m to win video app fight

VerSe to bolster short video business as competition heats up

Josh, an Indian short video app operated by content startup VerSe Innovation, is one of the top short-format video apps in the country, with 115 million monthly active users.  (Photo by Ken Kobayashi)

BENGALURU -- Indian content startup VerSe Innovation is close to raising at least $500 million in fresh funding, much of which will flow into its short video app, Josh, to fend off a string of local and global rivals, two people aware of the development told Nikkei Asia.

The valuation for VerSe, which also owns news aggregator DailyHunt, could top $5 billion in the new round, which is likely to be led by the Canada Pension Plan Investment Board (CPPIB). New York-headquartered Luxor Capital will also participate, they added.

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