Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt

Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt

SUMMARY

The company has issued preference and equity shares to Renu Sehgal Trust

This is said to be a part of a larger E2 funding round

Dailyhunt launched a news app called Newzly in 2018

Bengaluru-based news and ebooks mobile app, Dailyhunt, has raised $3.45 Mn (INR 24.6 Cr) in a Series E2 funding round from Omidyar Network, Sequoia Capital and the Renu Sehgal Trust.

According to a Ministry of Corporate Affairs filings dated December 21, 2018 accessed by Inc42, the company issued:

  • 8,055 preference shares to Omidyar Network
  • 7,987 preference shares to Sequoia Capital India Investments IV
  • 6,785 preference shares and 100 equity shares to Renu Sehgal Trust

A paper.vc report added that the investment is a part of a $15 Mn (INR 106.7 Cr) private placement offer that appears to be part of a larger Series E2 funding round. Falcon Edge and Matrix are also expected to participate in this fundraise, the report said.

Launched in 2009 by Nokia employees Umesh Kulkarni and Chandrashekhar Sohoni, NewsHunt was acquired by Verse in 2012. In August 2015 NewsHunt rebranded itself as DailyHunt.

Currently, Dailyhunt has grown into a news and local language content application with over 155 Mn app installs offering 100K news articles in 14 languages licensed from over 800 publication partners every day. The group claims that every month has more than 50 Mn users spend over six billion minutes on the app.

The company has raised more than $122.3 Mn (INR 870 Cr) in series of investments from investors such as Sequoia Capital India, Falcon Edge Capital, Matrix Partners, Omidyar Network, and Darby Overseas Investments.

Here’s a look at what is happening with the company in the past year:

  • In January 2018, the company launched its news-in-brief app, Newzly, for android users, following Dailyhunt Lite (November 2017)
  • It has also partnered with Vuclip and YuppTV to offer original videos and Live TV on its platform
  • The company claims to have an annual revenue rate of about $15 Mn (INR 100 Cr)
  • Chinese conglomerate Alibaba was looking to acquire a 10-12% minority stake in Dailyhunt at a proposed valuation of $500 Mn

Media And Entertainment: The Game Changer

Inc42 in its Annual Tech Startup Funding Report 2018 said that media and entertainment startups raised $726 Mn in 59 funding deals in 2018, which was a 185.27% increase from the previous year.

The report is a testament to the performance of the sector in the year, with several happenings spicing up the space. Vernacular is the new flavour of the town and continues to engaged leading players and newbies alike.

Interestingly, global players like Tencent have been making several bets on social media platforms. We also have Xiaomi which has continued its bet on content aggregators with ShareChat and Samosa Labs.

We also have several Indian startups like Inshorts, PIPES, the GSF backed Newsbytes, Way2News, and The Quint among others.

Going forward, the Inc42 funding report noted that news aggregators in demand such as Inshorts and DailyHunt recorded a combined total of 55 Mn in app downloads. The report further expects the rise of vernacular social networks and news platforms expected as Sharechat and Roposo continue to attract big numbers in funding.

A report by the Confederation of Indian Industry (CII) and Boston Consulting Group (BCG) said that the Indian media and entertainment (M&E) industry would nearly double in size to $123 Bn (INR 8 Tn)  by 2022, clocking 11-12% CAGR between 2016 and 2022.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt-Inc42 Media
Sequoia, Omidyar And Renu Sehgal Trust Invest $3.45 Mn In Dailyhunt-Inc42 Media
You’re in Good company