VerSe the parent of Dailyhunt and short video sharing platform app Josh is on a spree to have more acquisitions under its banner to expand and explore opportunities for increased share in revenue.
VerSe aims to strengthen its market base, expand opportunities in news sections and short video’s etc. The move is long term based and exploring international markets along with increasing subscription-based segment that is premium.
Umang Bedi said ‘the move by VerSe is long term with aiming to improve monetization and offer diversified content ‘.
Earlier last this month the company acquired US based subscription service Magzter in a cash stock transaction of undisclosed value. Magzter is a New York-headquartered cross-platform global digital newsstand with a library of over 8,500 premium magazines and newspapers.
Following this deal, Dailyhunt is unveiling a subscription-based offering called Dailyhunt Premium that will provide users with access to premium content from international publishers across more than 40 categories in over 60 languages including English, French, Italian, Japanese, Russian, and Spanish among others.
Bedi also said the company will finance acquisitions with existing cash reserves; We still have lot of fund reserves from last fund raising.
The company receives steady revenue growth from online advertising and subscriptions, while its short-video app, Josh, achieved annual recurring revenue of $100 million.
