Belgium’s Sofina investing $22m in Indian news aggregator Dailyhunt

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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.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.