Dailyhunt is India’s latest unicorn after backing from Microsoft, Google, others

Verse Innovation, Dailyhunt’s parent company, has received more than $100 million financing from Google, Microsoft and Falcon Edge’s Alpha Wave Incubation at a valuation of more than $1 billion, making it the country’s first tech unicorn focused on local languages.

Existing investors Sofina Group and Lupa Systems also participated in the fundraise.

The company plans to use the funds to scale up its short video app Josh, develop its content creator ecosystem and double down on its Artificial Intelligence and Machine Learning push.

The investment comes even as Dailyhunt appears to be restructuring its operations to diversify into multiple categories in the wake of the government’s move to cap foreign investment in digital media firms at 26%, effective Oct. 31, 2021.