News Desk, News Nation 360 : VerSe Innovation, the largest local language technology platform in India, announced that it has acquired Magzter, a global digital newsstand that operates on multiple platforms and offers self-service, along with a library of over 8,500 premium magazines and newspapers. This move represents a turning point in VerSe Innovation's development into India's largest digital media tech conglomerate and Dailyhunt's strategic entry into extremely premium content. The acquisition strengthens Dailyhunt's standing as the nation's biggest news and infotainment platform, offering content in important regional and international languages. Additionally, Dailyhunt's revenue model has evolved with this acquisition, moving from pure advertising to a combination of subscription-based revenue streams. When Dailyhunt Premium launches, users will have access to over 60 languages, including English, French, Italian, Japanese, Russian, Spanish, and more, as well as premium content from global publishers. This includes internationally recognised magazines with Indian and international editions that are widely read, including Time, Newsweek, Fortune, The Economist, Forbes, Reader's Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, and Bazaar. This expansion satisfies the market for premium content of the highest calibre, especially for the discriminating palates of India's affluent and aspirational upper-middle class. Speaking about the acquisition, Virendra Gupta and Umang Bedi, Co-founders, VerSe Innovation, stated that Magzter fits into their ecosystem perfectly. The acquisition improves their capacity to provide their constantly growing user base with premium content experiences while also perfectly aligning with their growth trajectory. They intend to maintain their leadership position in India's digital content market by expanding their reach and enhancing their capabilities. With over 1.1 million active paying subscribers from India alone and over 87 million users since its launch in 2011, Magzter has established itself as the largest and fastest-growing digital newsstand globally. With thousands of magazines and newspapers available in more than 40 categories, Magzter enriches the Dailyhunt ecosystem with an abundance of high-quality content. The transaction's sole financial advisor was Avendus. VerSe Innovation's ability to make acquisitions is supported by its strong financial position, which was enhanced by its US$ 805 million successful fundraising round and Dailyhunt's continuous YoY growth and positive EBITDA for more than two years.
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