VerSe Innovation, the parent company of news aggregating platform DailyHunt, said Thursday it has acquired Magzter, a cross-platform, self-service, global digital newsstand with a library of more than 8,500 magazines and newspapers.
The acquisition marks Dailyhunt’s strategic foray into premium content. Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages including English, French, Italian, Japanese, Russian, and Spanish.
The platform houses global publications such as Time, Newsweek, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, and Bazaar, among others.
“Magzter is a perfect fit for our ecosystem. The acquisition aligns seamlessly with our growth trajectory and enhances our ability to deliver premium content experiences to our ever-expanding user base. We will keep strengthening our capabilities and spreading our wings, leading the way in India’s digital content space,” said Virendra Gupta and Umang Bedi, co-founders, VerSe Innovation.
Magzter claims to have over 1.1 million active paying subscribers from India alone and a user base exceeding 87 million since its establishment in 2011. It offers thousands of magazines and newspapers across more than 40 categories.
"This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers,” said Girish Ramdas and Vijayakumar Radhakrishnan, co-founders, Magzter.
DailyHunt parent VerSe had last raised $805 million in its Series J funding round from Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan, Luxor Capital, Sumeru Ventures and existing investors Sofina Group, and Baillie Gifford, among others.
In the financial year through March 2023, VerSe recorded a 51% growth in revenue to Rs 1,457 crore from Rs 965 crore in FY22. Its net loss declined to Rs 1,900 crore in FY23 from Rs 2,500 crore the year before.
VerSe has been launching several new initiatives to expand its reach and boost its topline growth. This includes VerSe Collab, a tech-driven influencer marketplace, and the upcoming VerSe NeXTChange, a programmatic audience network.
Avendus was the exclusive financial advisor in this transaction.
