Who had ever anticipated that there would be a time when a native language technology system would rule the country? But truth be spoken, VerSe Innovation has managed to be the most prominent Indian platform.
And if the reports are to be considered, the team has recently announced raising $100 million+ in the Series H funding round that has been led by Qatar Investment Authority or QIA (global investors), Glade Brook Capital Partners (the state’s sovereign wealth fund).
Sofina Group and Canaan Valley Capital have partaken in the round. A multi-million-dollar investment is close behind $100 million in addition to the fund raised by AlphaWave, Microsoft, and Google in 2020 (December).
VerSe Innovation is considered the first platform that has availed of local languages ever since 2020. Since its inception, it has witnessed investor interest in Josh.
Now that there’s a new capital infusion, it makes the company add QIA. It attempts for the stellar lines of blue-chip investors, including Microsoft, Google, Goldman Sachs, AlphaWave, Matrix Partners India, Sofina Group, Sequoia Capital India, Lupa Systems, Omidyar Network, and Falcon Edge Capital, to mention a few. Much to fans’ knowledge, Avendus Capital has been an excellent fiscal consultant to VerSe Innovation.
Amidst the astonishing confidence in the potential of the short-video app, Josh, the funding determines a tactical expansion route for the family of apps focused on Bharat. It comes at the time when India starts to initiate financial recovery, underlined by the focus on the Aathmanirbhar Bharat.
VerSe Innovation wishes to steadily deploy the capital in a constant scaling up of the short video platform Josh.
That includes augmenting the language content locally, developing a content creator ecosystem, and creating diverse opportunities for the nation’s talent pool.
Now, Josh represents the confluence of the nation’s top 200+ creators, more than 15 million UGC creators, the ten biggest music labels, content creation software, formidable demographics, and excellent entertainment formats. By far, Josh has now been regarded as one of the top-notch short-video applications in India. You can refer to PlayStore on your smartphone. Recently, Josh has become the fast-emerging and most engaging short-video application in the nation, with more than 85 million MAUs, more than 1.5 billion video plays each day, and 40 million daily active users or DAUs.
VerSe Innovation is the proprietary technology platform that powers different technological solutions, such as more than 300 million users on Dailyhunt for consuming content in the local language. So far, Dailyhunt is India’s number one vernacular content platform that offers content artifacts daily in around fourteen languages. Content on the platform is a certified creator ecosystem comprising more than 100000 individual content creators and content partners. Such a comprehensive business foundation sets its company up for steady development. It discovers building a wide range of applications that expand around different international geographies that extend the broad-based platforms that serve requirements for content considering the local language audience on global fronts