There is a plethora of online news media websites and one of the most popular amongst them is Dailyhunt. Incubated in Bangalore, this news platform has raised Rs. 38.27 Crores from a Belgium-based Sofina Group. This is the company’s second investment in last two weeks with first from $23.5 million from Series G funding round.
The investors were given a total of 29,450 shares at a premium price of Rs 12,965.84 per share in the Series G2 funding round. ByteDance, Falcon Edge, Advent Management and Goldman Sachs, existing investors of Dailyhunt participated in Series G1 round a few days back. This has brough the total G series funding for the company at approximately 218 Crores.
Dailyhunt is the brainchild of Chandrashekar Sohoni and Umesh Kulkarni, ex Nokia employees. It started as Newshunt in 2009, later taken over by Virendra Gupta, founder of Verse in 2012. The company is an essential news provider for millions and has been growing ever since its inception. Dailyhunt has acquired almost 4 companies including OneIndia and LocalPay in 2016 and 2019 respectively. It aims at making its presence felt in Tier 2 and Tier 3 cities with the acquisitions.
The startup believes that video journalism is the future and so it is working on developing its platform for the same. It has around 500 hyperlocal channels already on its video platform for information transmission.
Dailyhunt has had 7 rounds of funding so far and has received a backing of approximately $150 million from companies and investors like Matrix Partners, Arun Saini, ex Vodafone CEO and Sequoia Capital India. The company seems to be in a good state currently and looks like it’ll just go up from here.