News-aggregator app, DailyHunt, that now deals with both books and magazines in around 12 languages, is currently in advance stages of talks with investors to close a USD 40 Million funding round. Sources tell that Arun Sarin, former chief executive officer of Vodafone, will be an investor in the company, if this deal happens. Other investors in the round will include, existing investors of the company- Sequoia Capital, Matrix Partners, Falcon Edge Capital and Omidyar Network. DailyHunt is planning to use the investment amount into generating and distributing media content, specially short form video and audio to local language users.
DailyHunt, was started actually as NewsHunt, by former Nokia executives Umesh Kulkarni and Chandrashekhar Sohoni in 2009, and was then sold to Ver Se Innovation in 2012. Later on, in August 2015, the company was rebranded as DailyHunt. DailyHunt app aggregates content from more than 175 publications in 12 languages, which includes English, Hindi, Tamil, Malayalam, Kannada, Telugu, Marathi, Bengali, Gujrati, Urdu, Oriya and Punjabi. The company has also tied up with news publications such as Amar Ujala, Dinamalar, Malayala Manoroma, Kannada Prabha, Loksatta, AnandaBazar Patrika among others to deliver the required content.
The company recently expanded to Sri Lanka, Bangaladesh, the United Arab Emirates and Africa. The company estimates that over 900 million users are using its service to read news, magazines or books. The company has already raised more than USD 58 Million in funding. In September 2014, it had raised USD 18 million in Series B round, while it raised USD 40 million in Series C round, led by Flacon Capital, with particpation of Matrix Partners India, Omidyar Network and Sequoia Capital. The company also bought a 15 % stake for about Rs 20 Crore, in OneIndia in the month of July.