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Startups

Indian news site raises $23.5m funding from Bytedance and others

Dailyhunt, with machine and deep learning tech, also attracts Goldman Sachs

Dailyhunt's machine learning and deep learning technology enables smart curation of content and tracks user preferences to deliver real-time, personalised content and notifications. (Photo by Ken Kobayashi)

NEW DELHI -- News and local language content platform Dailyhunt has raised about $23.5 million in a Series G funding round from existing investors, including Bytedance, Falcon Edge, Goldman Sachs and Advent Management, according to its regulatory filings.

Dailyhunt has allotted Series G1 convertible preference shares to the investors to raise the above amount, the filings show. Falcon Edge has led the current round by contributing about 718.5 million rupees ($9.4 million) while Bytedance, Goldman Sachs Asia and Advent Management Belgium have pumped in 359.2 million rupees each into the Bengaluru-based startup.

The startup's valuation is estimated to have touched 41.64 billion rupees in the current round, Entrackr reported.

Dailyhunt, which is run by Verse Innovation Pvt. Ltd, Dailyhunt, had raised about $3 million from Cayman Islands-based Stonebridge in August last year, taking its total Series F funding round to $25 million.

Last year, DealStreetAsia reported that the private equity firm Carlyle had shown interest in buying an equity stake in the news aggregator. The platform was reportedly also in talks to raise about $150 million from Japanese conglomerate SoftBank.

Founded in 2007, Dailyhunt's machine learning and deep learning technology enables smart curation of content and tracks user preferences to deliver real-time, personalized content and notifications. It claims to offer more than 250,000 new news and content artifacts every-day in 14 languages licensed from over 1000 publication partners. The group has in excess of 252 million monthly active users and more than 51 million daily active users, according to its LinkedIn profile.

Its other investors include Sequoia Capital and Omidyar Network.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

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