Total amount raised
$25 Millions
Latest funding date
6/1/2023
Location
Dailyhunt has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a comprehensive mobile application that aggregates content from various sources, keeping users updated on trending topics.
Continue reading to delve into the details of Dailyhunt's funding journey and the investors who believe in its potential.
What Is Dailyhunt?
Dailyhunt, founded in 2007, is based in Bangalore, Karnataka, India. The company was established by Chandu Sohoni, Umang Bedi, Umesh Kulkarni, and Virendra Gupta.
Dailyhunt develops a mobile application that aggregates content from various sources, providing users with updates on trending topics. The platform offers online news, books, and magazines, serving a wide audience in India.
With a team of 251-500 employees, Dailyhunt continues to innovate in the digital content space, ensuring users have access to a diverse range of information.
How Much Funding Has Dailyhunt Raised?
- Series D
- Amount Raised: $25M
- Date: October 2016
- Lead Investors: ByteDance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand localized content offerings and leverage ByteDance's expertise in personalization and machine learning.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: February 2022
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support ongoing growth and operational needs.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to focus on AI advancements and cost-cutting measures for a turnaround.
Total Amount Raised: $25M. Current Valuation: Not publicly disclosed.
Key Investors
- ByteDance
- Details: ByteDance is a global tech company known for its content platforms like Toutiao in China and TopBuzz in the U.S. and Brazil. The company utilizes large-scale machine learning and data mining technologies for personalized content recommendations.
- Investment Focus Areas: Content platforms, personalized content recommendations, machine learning.
- Notable Investments: Toutiao, TopBuzz.
- Sequoia Capital India
- Details: Sequoia Capital India is a prolific investor in the Indian market, focusing on technology startups and localized services. The firm has a strong presence in various sectors, supporting companies from early stages to growth.
- Investment Focus Areas: Localized services, technology startups, growth-stage companies.
- Notable Investments: JustDial, SirionLabs, Zoomcar.
- Matrix Partners India
- Details: Matrix Partners India is an investment firm with a diverse portfolio, including Indian payments startups and ridesharing companies. The firm manages INR 4,500 crore and is part of a global network with US$ 4B under management.
- Investment Focus Areas: Indian consumer market, consumer technology, early growth stage companies.
- Notable Investments: Ola, Quikr, Practo.
- Omidyar Network
- Details: Omidyar Network is a philanthropic investment firm that focuses on social impact investments. The firm supports innovative organizations that aim to create positive social change.
- Investment Focus Areas: Social impact investments, technology for good, financial inclusion.
- Notable Investments: Not specified.
- Falcon Edge
- Details: Falcon Edge is a global alternative asset management firm. The firm invests across various sectors, providing capital to companies at different stages of growth.
- Investment Focus Areas: Broad investment across various sectors, technology, consumer markets.
- Notable Investments: Not specified.
What's Next for Dailyhunt?
Dailyhunt stands at the cusp of significant growth, driven by the increasing demand for localized content in India. With over 95 million installs and 2.3 billion pages consumed monthly, the platform is poised to tap into the next wave of internet users, particularly in rural areas. The potential to serve a linguistically diverse population presents a vast opportunity for expansion.
Future fundraising efforts are likely to be bolstered by the strong backing of investors like ByteDance, Sequoia Capital India, and Matrix Partners India. These funds could be pivotal in enhancing technological capabilities and expanding language offerings. However, challenges such as limited smartphone penetration and fierce competition from other content platforms remain. Ensuring the quality and relevance of localized content will be crucial as Dailyhunt navigates these hurdles.
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