Bangalore-based news and ebooks mobile app DailyHunt, owned by mobile internet gateway Verse Innovation, has picked up a minority stake in OneIndia, the local news language portal.
Avendus Capital was the exclusive financial advisor to this transaction.
Owned by Greynium Information Technologies, OneIndia was founded in 2006 by Rajesh Jain and B G Mahesh. OneIndia provides local language content publishing it across genres like lifestyle, entertainment, technology, automobiles, travel, personal finance and education in English, Hindi, Tamil, Telugu, Kannada, Malayalam, Bengali, Gujarati and Marathi language.
With this investment, Greynium will expand into several other genres and create short format video and audio content while Verse will leverage its distribution platform to offer multimedia content to its local language user base.
Virendra Gupta, founder & CEO of Verse Innovation, said, “The deal is aligned to DailyHunt’s vision of providing top-notch content spread across local languages and multiple genres in India. We intend to leverage Greynium’s strengths in content creation, expanding to video content going forward, on our platform to further augment our position as the destination of choice for a vernacular user.”
Verse Innovation operates a digital content aggregation app called ‘DailyHunt’, which was rebranded in August last year. DailyHunt was introduced in the form of ‘sachet marketing’, which refers to a pay-per-chapter model. The DailyHunt app has about 120 mn+ downloads with over 26 Mn monthly active users and 3.7 billion page views monthly. It has the collection of regional content in over 15 languages.
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