In a groundbreaking move, VerSe Innovation, the parent company of Dailyhunt, has announced its acquisition of Magzter, a renowned digital newsstand boasting a library of over 8,500 premium magazines and newspapers. This strategic acquisition propels Dailyhunt into the realm of premium content and signifies a significant milestone in VerSe Innovation’s quest to become India’s foremost digital media tech conglomerate.
The newly launched Dailyhunt Premium subscription service will grant users access to premium content from international publishers spanning over 60 languages, including English, French, Italian, Japanese, Russian, and Spanish. Among the esteemed publications included are Time, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, and Bazaar, catering to Indian and international audiences.
This strategic expansion is poised to meet the burgeoning demand for top-tier content, particularly among India’s discerning elite and aspirational upper-middle-class demographic.
Girish Ramdas and Vijayakumar Radhakrishnan, co-founders of Magzter, expressed their enthusiasm about the partnership, highlighting its potential to deliver unparalleled digital reading experiences to users across India.
Established in 2021, Magzter boasts an impressive user base, with over 1.1 million active paying subscribers from India alone and a global user count exceeding 87 million. Rapid growth has solidified its position as the world’s largest digital newsstand.
This acquisition marks a pivotal moment in Dailyhunt’s revenue strategy, transitioning from reliance solely on advertising to incorporating subscription-based revenue streams. With over $1.5 billion raised across multiple funding rounds and a valuation of $5 billion in its latest equity round, Dailyhunt is poised to redefine India’s digital media landscape.
The acquisition of Magzter underscores VerSe Innovation’s commitment to innovation and its vision of enriching the digital content experience for users across India and beyond. As the digital media landscape continues to evolve, Dailyhunt’s strategic moves position it as a frontrunner in delivering premium content and shaping the future of digital media consumption in India.
