Bengaluru: Local language technology platform VerSe Innovation, today announced the acquisition of Magzter, a cross-platform, self-service, global digital newsstand with a library of 8,500+ premium magazines and newspapers. This move marks Dailyhunt’s strategic foray into super premium content and signifies a transformative juncture in VerSe Innovation’s journey to becoming India’s largest digital media tech conglomerate.
Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages including English, French, Italian, Japanese, Russian, Spanish, and more. This includes globally acclaimed publications such as Time, Newsweek, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, Bazaar among others across their respective India and international editions. This expansion addresses the demand for high-quality premium content, particularly catering to the discerning tastes of India’s elite and aspirational upper-middle-class demographic.
The acquisition fortifies Dailyhunt’s position as the largest platform for news and infotainment in the country, serving content in key international and regional languages. Furthermore, this acquisition also marks the evolution of the Dailyhunt’s revenue model, expanding from pure advertising to include a blend of subscription-based revenue streams.
Speaking about the acquisition, Virendra Gupta and Umang Bedi, Co-founders, VerSe Innovation, said, “Magzter is a perfect fit for our ecosystem. The acquisition aligns seamlessly with our growth trajectory and enhances our ability to deliver premium content experiences to our ever-expanding user base. We will keep strengthening our capabilities and spreading our wings, leading the way in India’s digital content space.”
“We are excited to join forces with VerSe Innovation and contribute to the evolution of content consumption in India,” said Girish Ramdas and Vijayakumar Radhakrishnan, Co-Founders, Magzter. “This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers.”
Magzter has over 1.1 million active paying subscribers from India alone and a user base exceeding 87 million since its establishment in 2011. Offering thousands of magazines and newspapers across 40+ categories, Magzter brings a wealth of premium content to the Dailyhunt ecosystem. Avendus was the exclusive financial advisor in this transaction.
VerSe Innovation’s acquisition capability is underpinned by its robust financial standing led by its successful funding round of US$ 805 million, alongside Dailyhunt’s consistent positive EBITDA, for over two years, and showing continuous YoY growth.
