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Google-backed Dailyhunt and Josh’s parent firm raises over $100 million

VerSe Innovation, the parent firm of popular news and entertainment app Dailyhunt and short video app Josh, said on Monday it has raised over $100 million as part of a Series H financing round from Qatar Investment Authority and Glade Brook Capital Partners.

The announcement follows another $100 million+ investment the startup secured from Google, AlphaWave, and Microsoft in December last year. That tranche of investment, also part of Series H, had turned Dailyhunt into a unicorn (giving it a valuation of $1 billion or higher). The startup has to-date raised about $430 million.

Dailyhunt, co-run by Virendra Gupta and former Facebook India head Umang Bedi, is a popular news and entertainment app that serves more than 285 million users each day in 14 local languages in India. Its reach in India, the world’s second largest internet market, would explain why Twitter last month partnered with the Indian firm to bring Moments to Dailyhunt.

VerSe Innovation expanded to short form videos last year, with Josh, after New Delhi banned TikTok and created a theoretical void for snacking content in the country. Scores of large giants and startups — including MX Player and ShareChat — have attempted to try their hand at short form videos in the recent quarters.

Facebook launched Instagram Reels in India last year, and YouTube launched Shorts, which is already garnering over 3.5 billion daily views in India, it said last month. (With over 450 million users in India, YouTube is closing in on WhatsApp’s market lead in India.)

Josh appears to have emerged as one of the leading players: The startup says Josh has amassed over 85 million monthly active users — 40 million of whom check the app each day — and the app sees more than 1.5 billion video plays everyday.

Now the startup says it is exploring expansion into more categories and like with Dailyhunt and Josh, cater users in smaller cities and towns and eventually replicate this model in international markets.

India’s internet economy is expected to be worth $639 billion by 2030, analysts at Citi wrote in a report to clients late last month. The coronavirus pandemic accelerated digital adoption and users’ appetite to transact online, a report from analysts at UBS said last week.

India leads with Tier 2 cities comparable to Tier 1. Biggest catch up opportunity in Philippines and Vietnam (UBS)

“Josh represents a confluence of India’s top 200+ best creators, the 10 biggest music labels, 15+ million UGC creators, best in class content creation tools, the hottest entertainment formats, and formidable user demographics. Josh has been consistently rated as the leading Indian short-video app in India on the Play store,” the startup said in a statement.

The startup said it will deploy the fresh capital to broaden its local languages content offering, and expand its creators ecosystem and AI and ML tech stacks.

Volkswagen to bring self-driving electric shuttles to Qatar by 2022

Volkswagen Group and Qatar have agreed to develop a public transit system of autonomous shuttles and buses by 2022 for the capital city of Doha.

The agreement signed Saturday by VW Group and the Qatar Investment Authority is an expansive project that will involve four brands under VW Group, including Volkswagen Commercial Vehicles, Scania, its shared ride service MOIA and Audi subsidiary Autonomous Intelligent Driving, or AID.

The aim is to develop the entire transport system, including the electric autonomous shuttles and buses, legal framework, city infrastructure and ride-hailing software required to deploy a commercial service there. The autonomous vehicles will be integrated into existing public transit.

“For our cities to progress we need a new wave of innovation,” QIA CEO Mansoor Al Mahmoud said in a statement. “AI-enabled, emission-free transportation technologies will help advance urban mobility, while diminishing congestion and improving energy efficiency.

The fleet will include 35 autonomous electric ID. Buzz vehicles from the Volkswagen Commercial Vehicles unit, which will shuttle up to four passengers on semi-fixed routes in a geo-fenced area of Doha. Another 10 Scania buses will be used for larger groups.

Closed testing of the shuttle vehicles and buses is expected to begin in 2020. Trials could start as early as 2021. VW and QIA said the project will go live by the end of 2022.