Total amount raised
$1.7 Billion
Latest funding date
2/1/2024
Location
VerSe Innovation has successfully raised substantial funding over 23 rounds, attracting high-profile investors like Google and CPPIB. The company has achieved significant valuations, reaching $5 billion in April 2022.
Keep reading to explore the intricacies of VerSe Innovation's fundraising journey and the investors backing this innovative platform.
What Is VerSe Innovation?
VerSe Innovation, based in Bangalore, Karnataka, India, is a prominent player in the technology and digital media industry. The company is known for powering India's fastest-growing short video app, Josh, and supports over 300 million users in consuming content in their local languages.
Founded by Umang Bedi and Virendra Gupta, VerSe Innovation employs between 501-1000 people. The company is dedicated to creating opportunities for young content creators through initiatives like Josh Studios and the Josh creator program.
How Much Funding Has VerSe Innovation Raised?
- Debt Financing
- Amount Raised: $6.25 million
- Date: February 2024
- Lead Investors: Alteria Capital
- Valuation at Round: $5 billion
- Motivation Behind the Round: The funds will be used for general corporate purposes, focusing on business growth and expansion.
- Series J
- Amount Raised: $805 million
- Date: April 2022
- Lead Investors: CPP Investments, Google, Meta
- Valuation at Round: $5 billion
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Series I
- Amount Raised: $28 million
- Date: January 2022
- Lead Investors: CPP Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Series I
- Amount Raised: $450 million
- Date: August 2021
- Lead Investors: Baillie Gifford, Carlyle Global Partners, Siguler Guff & Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and expand market reach.
- Series H
- Amount Raised: $100 million
- Date: February 2021
- Lead Investors: Glade Brook Capital Partners, Qatar Investment Authority
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Series H
- Amount Raised: $100 million
- Date: December 2020
- Lead Investors: Google, Microsoft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and expansion.
- Series H
- Amount Raised: $9.1 million
- Date: November 2020
- Lead Investors: B Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel business growth and expansion plans.
- Series G
- Amount Raised: $35.6 million
- Date: May 2020
- Lead Investors: Lupa Systems
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and expand market reach.
- Series G
- Amount Raised: $5.1 million
- Date: April 2020
- Lead Investors: Sofina
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Series G
- Amount Raised: $24 million
- Date: April 2020
- Lead Investors: Alpha Wave Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
VerSe Innovation has raised a total of $1.5 billion and is currently valued at $5 billion.
Key Investors
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides debt financing to startups. They recently invested Rs 50 crore ($6.25 million) in VerSe Innovation.
- Investment Focus Areas: Venture debt, growth-stage startups, business expansion.
- Notable Investments: VerSe Innovation, Dunzo, Lendingkart.
- CPP Investments
- Details: The Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organization that invests the funds of the Canada Pension Plan. They led a $805 million funding round for VerSe Innovation.
- Investment Focus Areas: Public equities, private equities, real estate, infrastructure, fixed income instruments.
- Notable Investments: VerSe Innovation, Ant Financial, Enbridge.
- Google
- Details: Google is a multinational technology company specializing in Internet-related services and products, including online advertising technologies, a search engine, cloud computing, software, and hardware. They have invested in multiple funding rounds for VerSe Innovation.
- Investment Focus Areas: Technology, Internet services, cloud computing, software, hardware.
- Notable Investments: Alphabet Inc., YouTube, Waymo.
- Microsoft
- Details: Microsoft is an American multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services. They participated in a $100 million funding round for VerSe Innovation.
- Investment Focus Areas: Technology, software, cloud computing, consumer electronics.
- Notable Investments: LinkedIn, GitHub, Mojang.
- Sofina
- Details: Sofina is a Belgian investment company that invests in growth companies, particularly in the consumer and retail, digital transformation, and healthcare sectors. They invested in a $5.1 million funding round for VerSe Innovation.
- Investment Focus Areas: Consumer and retail, digital transformation, healthcare.
- Notable Investments: Byju's, Swiggy, Pine Labs.
What's Next for VerSe Innovation?
VerSe Innovation stands at the cusp of significant growth opportunities, driven by its robust user base and recent funding. With 350 million monthly active users on Dailyhunt and 139 million on Josh, the company is well-positioned to leverage these numbers for further monetization and expansion. The infusion of Rs 50 crore from Alteria Capital will support these growth initiatives, enabling VerSe to explore new markets and diversify its offerings.
Future fundraising prospects appear promising, given VerSe's track record of attracting substantial investments. The company may continue to secure additional debt or equity financing, potentially from large institutional investors. However, challenges such as managing operational losses and navigating intense competition in the digital content space remain. Efficiently utilizing the raised funds will be crucial for sustaining growth and achieving long-term success.
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