After Magzter, Dailyhunt-parent to pursue acquisitions more aggressively
₹1,456 crore, the company's latest filings sourced from Tofler showed. To sustain growth, VerSe has also been innovating. It introduced Xpresso, an artificial intelligence-driven newsfeed in local languages, tailored for younger audiences.
The platform also signed licensing agreements with over 100,000 partners, including influencers and news portals, for aggregating content. These partnerships work on a variable revenue-sharing model. Furthermore, the company employs AI algorithms to analyze content and tailor feeds over time, leveraging users' implicit browsing behavior, likes, and click-through rates to provide a more personalized experience.
Such initiatives helped the company post "very high, double-digit growth" last year. he added. Besides, with the decline of print, the company saw an uptick in advertising from small and medium enterprises.
"We moved a lot of that money to digital by reaching out to small businesses through the thousand-plus smaller agencies that we work with, as well as our 250 sales force on the street." About 65% of VerSe's business now comes from small enterprises, Bedi said. The company is yet to file its FY24 financials. Overall, it boasts 215 million monthly active users on the app, and another 100 million users accessing all its platforms through websites, external links, and WhatsApp.
According to the company, nearly 120 million users visit the platform daily, spending an average of 31.5 minutes across six sessions. In 2018, Bedi joined forces with VerSe founder Virendra Kumer Gupta, as a co-founder of Dailyhunt. The parent company was established in 2007.
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