Verse Innovation, which owns local-language mobile platform NewsHunt, has raised more than Rs 100 crore from Sequoia Capital India. Its existing investors Matrix Partners India and Omidyar Network have also been a part in this second round of funding.
There has been a rise in demand for regional language content in smart phones and this investment comes at the right time to provide an opportunity for both startups and venture capital investors.
“Our vision is to create a made-for-India platform and work closely with publishers, developers, OEMs, and other ecosystem partners to digitize, distribute, and monetize the consumption of local language.” said Virendra Gupta, Chief Executive, Verse Innovation.
Verse Innovation was founded in 2007 by Gupta, who has masters in management from IIT Bombay’s Shailesh J. Mehta School of Management. Verse acquired NewsHunt in 2012.
NewsHunt currently provides content in over a dozen languages, including Hindi, Bengali, and Tamil, from more than 100 newspapers, magazines, and other publications. It plans to increase the number of publishers on the platform to 1,000 and its active user base to 100-200 million a month in the upcoming years. The company makes revenue by selling books and advertisements on the platform.