VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt, has raised $6.25 million in debt from Alteria Capital.
The board at Verse Innovation has raised 5,000 Series C debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore or $6.25 million, its regulatory filing sourced from the Registrar of Companies shows.
The proceeds will be used for general corporate purposes considering business growth and expansion requirements, the filings further added.
VerSe’s core product Dailyhunt claims to serve over 350 million users every month (MAU) whereas the short video app Josh claims to have 139 million monthly active users or MAUs and 68 million daily active users or DAUs.
As of now, the Bengaluru-based company has raised over $1.5 billion across several rounds and was last valued at $5 billion in its last round where it secured $805 million led by Canada Pension Plan Investment Board.
As per the data intelligence platform TheKredible, VerSe’s total revenue grew by 57% Y-o-Y to Rs 1,809 crore in FY23 from Rs 1,151 crore in FY22 while its losses stood at Rs 2,059 crore in the same period.