VerSe Raises $805 million

On Wednesday, the parent company of Josh, Dailyhunt- VerSe has announced that it has raised $805 million in its latest fundraising round. After this round of funding, the VerSe's valuation has increased to $5 billion. Verse currently owns the famous short-video platform Josh and a local language content platform called Dailyhunt. Earlier, it has raised $1.5 billion in the past year. The company went in to inform that the raised capital will be utilized to strengthen its leadership position in the market and to establish itself as the largest and fastest-growing local language AI-driven content platform in India. Following the fundraising round, VerSe’s co-founder, Umang Bedi said: "We have raised this significant funding at a time when both private and public markets are facing a slowdown and founders are finding it difficult to raise capital. It is a single-largest investment in any of the startups in India, further validating our work to date and the robust business model.” This fundraising round was led by Canada Pension Plan Investment Board (CPP Investments), Ontario Tea chers' Pension Plan Board (Ontario Teachers'), Luxor Capital, Sumeru Ventures, and others. It also witnessed the participation of Existing investors Sofina Group, Baillie Gifford, Dailyhunt and,others.