Technology

Dailyhunt Secures $6.39 Mn In Series E From Falcon Edge

Mobile-Internet

Original: Inc42, September 3

Analysis: DailyHunt is one of the largest digital media platforms in India currently. It started out as NewsHunt but in 2015 changed its name to the DailyHunt. It has been invested in by the players such as Sequoia Capital, Matrix Partners, Omidyar Network, and Darby Overseas Investments. One of its previous investors were New York-based hedge fund, Falcon Edge. In a recent funding, Falcon has again invested in DailyHunt an amount of $5.39 million to take the valuation of the company to over $330 million. It was also reported sometimes ago that the Chinese internet giant Alibaba was looking towards acquiring a minority stake of around 10% at a valuation of $500 million.

The app is present in 14 Indian vernacular languages including English and Hindi with over 50 million subscribers. The app has a good penetration in the Indian market due to the various languages that cater to the needs of the local language users and web-based application that can reach anyone using a smartphone with an internet connection. The company aims to capture around 6% of the $4 billion digital advertising market in next few years.

It can be seen that content is the new weapon that every company wants to acquire. Content will help the companies to reach out to more people. Chinese companies such as Tencent, Alibaba and Xiaomi have been seen investing in numerous content-based companies in India. The Indian Media and Entertainment industry will be valued at more than $45 billion by 2021 according to various reports.

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