Total amount raised
$25 Million
Latest funding date
6/1/2023
Location
Dailyhunt has successfully raised funding over three rounds, with notable investors including Epiq Capital and Trifecta Capital Advisors. The platform offers personalized news updates in 14 Indian languages, catering to a diverse audience.
Keep reading to explore the intricacies of Dailyhunt's fundraising journey and the investors backing this innovative platform.
What Is Dailyhunt?
Dailyhunt, based in Bangalore, Karnataka, India, is a private company that develops a mobile application for updates on trending topics. The platform operates in various industries, including Information Technology, Language Learning, Mobile, News, Operating Systems, Social Media, Social News, and Software.
With an employee count ranging from 251 to 500, Dailyhunt offers personalized news updates in 14 Indian languages. The company has successfully raised funding through multiple rounds and has made investments and acquisitions in other organizations.
How Much Funding Has Dailyhunt Raised?
- Funding Round: Series D
- Amount Raised: USD 25,000,000
- Date: October 2016
- Lead Investors: ByteDance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address the unmet need for local language content in India and leverage ByteDance's expertise in personalization and machine learning.
- Funding Round: Series Unknown
- Date: February 2022
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and expansion of Dailyhunt's mobile application and related services.
- Funding Round: Series Unknown
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue supporting the growth and expansion of Dailyhunt's mobile application and related services.
Total Amount Raised: USD 25,000,000
Current Valuation: Not publicly disclosed
Key Investors
- ByteDance
- Details: ByteDance is a global tech company known for its content platforms like Toutiao in China and TopBuzz in the U.S. and Brazil. The company uses machine learning and data mining technologies for personalized content recommendations.
- Investment Focus Areas: Content platforms, personalized content recommendations, machine learning, data mining technologies.
- Notable Investments: Toutiao, TopBuzz.
- Sequoia Capital India
- Details: Sequoia Capital India is a prolific investor focused on localized services across India. The firm has a strong presence in the technology startup ecosystem.
- Investment Focus Areas: Localized services, technology startups.
- Notable Investments: JustDial, SirionLabs, Zoomcar.
- Matrix Partners India
- Details: Matrix Partners India is an investment firm with a diverse portfolio, including Indian payments startups and ridesharing giant Ola. The firm manages INR 4,500 crore and has a global network with US$ 4B under management.
- Investment Focus Areas: Indian consumer market, consumer technology, seed, early, and early growth stages.
- Notable Investments: Ola, Quikr, Practo.
- Omidyar Network
- Details: Omidyar Network is a philanthropic investment firm established by eBay founder Pierre Omidyar. The firm invests in both for-profit and nonprofit organizations.
- Investment Focus Areas: Education, financial inclusion, digital identity, property rights, governance and citizen engagement.
- Notable Investments: Quikr, 1mg, Aspiring Minds.
- Falcon Edge
- Details: Falcon Edge is a global alternative asset manager with a focus on long-term investments. The firm manages capital for institutional investors, family offices, and high-net-worth individuals.
- Investment Focus Areas: Technology, consumer, financial services, healthcare.
- Notable Investments: Ola, Zomato, PolicyBazaar.
What's Next for Dailyhunt?
Dailyhunt stands at the cusp of significant growth opportunities, driven by the increasing demand for localized content in India's diverse linguistic landscape. With over 120 million installs and 28 million monthly active users, the platform is poised to expand its reach by targeting the next 400 million users coming online due to the explosion in data usage in India. Leveraging ByteDance's expertise in personalization and machine learning, Dailyhunt can enhance user experience and content delivery.
Future fundraising opportunities appear promising, given the strong backing from major investors like ByteDance, Sequoia Capital India, and Matrix Partners India. These partnerships not only provide financial support but also strategic guidance, positioning Dailyhunt for continued success. However, the company must navigate challenges such as limited smartphone penetration in rural areas and competition from other local language content providers. By addressing these hurdles, Dailyhunt can solidify its position as a leading content aggregator in India.
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