Dailyhunt has emerged as one of the top players in the Indian digital content space. Currently, they have around 50 million subscribers. The app offers contents in 14 local languages including Hindi and English and has over 800 news partners, which provide over 100,000 articles each day. The application has earned much popularity among the Indian consumers as they provide daily news update from numerous categories such as politics, technology, sports, lifestyle and so on.
Dailyhunt is backed by China’s Bytedance (owner of Toutiao), which is the largest startups in the world. Dailyhunt is also moving into the advertising market where they are targeting the small companies to tap in local users. They will also be using image, audio and video contents for advertisements to reach audiences at the pin code level. The small companies will get more footfalls due to Dailyhunt’s huge user base, which is around 100 million monthly active users.
Dailyhunt’s 70% users are from tier 2, 3, 4 cities and small rural areas and that too in regional languages. English accounts for a mere 10% of its consumption due to heavy demand of regional language and high penetration of smartphones and internet services at cheap rates in the smaller cities and town. The advertisement services that Dailyhunt will start will be done through image, audio and video contents in 14 languages to reach the maximum number of people in the country.
The company 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 2018, Falcon invested in Dailyhunt an amount of $5.39 million to take the valuation of the company to over $330 million and they also launched a news app called Newzly. Dailyhunt 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 the 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.
According to an Inc42 report, the company has issued preference and equity shares to Renu Sehgal Trust. The recent funding round claimed to be an E2 round raised $3.54 million for the company. They are also looking forward to a huge investment from the Chinese giant Alibaba, which will reportedly take the valuation to around $500 million.
It is crucial to understand that the Indian market has transformed in a way that the media and entertainment industry is merging slowly. There is a thin line between news and fun stuff, which is being erased by companies such as Dailyhunt. They have successfully created platforms, which offer ample amount of entertaining content as well as serious news updates keeping the users engaged thoroughly. They have created a demand in the market and paved a way for future players to learn from their successful business model.