Regional language news aggregator Dailyhunt, which has been in funding talks for a while now, is raising about $22 million (Rs 156.06 crore) in a Series F round of financing from Belgium-based investment fund Sofina (Advent Management).
According to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc, Sofina is subscribing to 1,26,999 Series F non-cumulative, mandatorily and fully convertible preference shares of the company. It is also acquiring 100 Series F equity shares of Dailyhunt.
The development was first reported by VCCircle.
Dailyhunt has reportedly spoken to multiple investors in the recent past for financing. A day ago, Mint reported that Dailyhunt has begun talks with Japanese investment conglomerate SoftBank for raising more than $150 million.
Last month, DEALSTREETASIA reported that it was also talking to global investment giant The Carlyle Group for funding.
In March 2019, Dailyhunt was in the news after its parent company filed a document with the ministry of corporate affairs, stating it received $35.05 million (about Rs 248 crore) from a Goldman Sachs hedge fund. This was part of a $173 million (about Rs 1,224 crore) financing the company was said to be raising from the New York-based investment bank, according to a report filed by VCCircle.
At that time, Dailyhunt’s valuation was estimated to be around $600-650 million.
Operated by Verse Innovation Pvt. Ltd, Dailyhunt had raised Rs24.61 crore in a Series E2 funding round earlier this year from Sequoia Capital, Omidyar Network, and the Renu Sehgal Trust. It had earlier bagged Rs 36.9 crore from Singapore-based venture capital firm LightVC.
The company has garnered a total of $76.1 million in funding as of January, 2019, according to Crunchbase. Other investors in the startup include Matrix Partners India, Falcon Edge and Bytedance.
Dailyhunt was floated by Umesh Kulkarni and Chandrashekhar Sohoni in 2009, and was previously known as Newshunt. Verse Innovation bought the company in 2012 and then rebranded it as DailyHunt in August 2015.
The company faces stiff competition from Tencent-backed NewsDog, Toutiao’s Helo, Alibaba-backed UCNews, and InShorts.
Inshorts last raised $5 million from investment major Tiger Global’s Singapore investment arm in December 2017. In the content space, another startup, The Better India, raised $3.5 million in a Series A funding round from The Rise Fund, founded by private equity firm TPG Growth, and social-impact venture capital firm Elevar Equity earlier this year.