Dailyhunt, a news aggregation platform, was in talks with China’s Softbank last year to raise funds, which did not go as planned. But this has not reduced the investment for Bangalore-based startups. Dailyhunt added Rs 180 crore to its kitty in the Falcon Edge-led latest series G funding round.
Series G Funding: Dailyhunt
Here is the breakdown of investments made during the latest funding round:
- Falcon Edge: Rs 71.85 Crore
- BiteDance: Rs 35.92 crore
- Goldman Sachs Asia: Rs 35.92 crore
- Advent Management Belgium: Rs 35.92 crore
Allotment of shares
With this, Dailyhunt’s valuation is close to Rs 4,200 crore. According to Antrack’s estimate, Dailyhunt’s estimated valuation is Rs 4,164 crore, up from Rs 494 crore or 13.44 per cent since August last year.
After the funding round, Dailyhunt’s shares are distributed as follows:
- Falcon Edge: 55,294 shares
- BiteDance: 27,647 shares
- Goldman Sachs Asia: 27,647 shares
- Advent Management Belgium: 27,647 shares
Dailyhunt is a popular app for smartphone users. It collects news from other news and media platforms and distributes it to users in one place. Dailyhunt’s largest USP has great attention, offering content in 14 languages. The app has already been downloaded over 155 million times on the Google Play Store.
Daily Hunt raises funds
Dailyhunt has more than 1300 publishing partners and over 263 million monthly active users on all platforms, of which 208 million are mobile users. Dailyhunt competes against the likes of Inshorts, UC News, Newsdog, among others.
Startup and investment
Due to the coronovirus epidemic, which has hit the economy very hard. For Indian startups, investors and venture capitalists warn that the worst is yet to come and ask them to cut spending. During these challenging times, Dailyhunt Funding provides a positive outlook for startups and founders who have had to cut salaries or lay-off employees.
In addition to Dailyhunt, another Bengaluru-based startup Nobroker raised $ 30 million from single investor General Atlantica amid the economic downturn.