Dailyhunt raises Rs 20 Cr from Stonebridge; acquihires ImageTranslate

Amidst talks of raising $45 million from private equity firm Carlyle Group, news and content app Dailyhunt has raised Rs 20.57 crore from Cayman-based Stonebridge Offshore LP. The tranche seems to be a part of the ongoing Series F round.

The Series F round for the Bengaluru-based company started in April when it raised Rs 156.04 crores from Sofina SA earlier this year. 

According to RoC filings, the company passed a resolution to issue 17,211 Series F CPS to Stonebridge Offshore holdings LP at a price of Rs 11,942.07 per share. Dailyhunt also allotted 20 equity shares to Stonebridge at the same price.

Based on the roc filing data, the company's post-money market cap values around $530 million after this tranche, Dailyhunt has a valuation of about $530 million. The company has been in talks with several blue-chip investors including Tencent, Alibaba, Goldman Sachs, and SoftBank. However, none of these talks have materialized.

In another development, Dailyhunt has acquihired image translator firm ImageTranslate. Following the deal, co-founders of the year-old startup - Harsha Mudumby and Ankita Arora have joined Dailyhunt’s team in Bengaluru.

ImageTranslate would help Dailyhunt in enriching its vernacular content with design and graphics. This is the second such deal for the Bengaluru-based firm. In June, it acquired hyperlocal video content & news content application - Local Play for an undisclosed amount.

With over 188 million MAU, DailyHunt currently offers over 2,50,000 news and content on a daily basis in 14 languages. The company competes with a slew of firms including NewsDog, SharChat, Shareit, and TikTok amongst several others.