DailyHunt grabs a funding of $25 million from China’s ByteDance

DailyHunt grabs a funding of $25 million from China’s ByteDance

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DailyHunt is India’s leading news application which excels in the field of providing news and other contents in various local languages. India is a country of unity in diversity. People here speak variety of local languages ranging from Hindi, Odia, Bengali, Kannada, Marathi, Gujarati etc. A majority of such people access internet through mobile phones and this is the target audience of DailyHunt. It provides contents which is relevant and accessible to a variety of people speaking diverse languages. DailyHunt is an extensively used app for news and eBooks in India with monthly active users of around 28 million. It publishes a daily of 35,000 items through its app which includes news, videos, eBooks, comics and magazines.

Recently, DailyHunt acquired a funding of $25 million in a series D funding round led by Beijing based ByteDance. It had earlier funded China’s Toutiao and Top Buzz in US and Brazil. These news apps analyse user profile and algorithms and provide personalised contents to the users based on their interests and preferences. DailyHunt had also earlier raised a funding of US$37.5 million in a series C round from Falcon hedge capital which is a New York based hedge fund.

Virendra gupta, the founder and CEO of DailyHunt believes in the fact that people will use Internet only if it is understandable to them so if they are provided contents in the languages they know and understand, they would definitely use it. In addition, the facts show a figure of around 400 million next mobile internet users would be local language users which could serve as a big platform for DailyHunt to expand its customer base extensively.  Zhang Yiming, the founder and CEO of ByteDance also believes in the potential of DailyHunt and is looking forward for a long term partnership with it. Furthermore, ByteDance shall also help DailyHunt in machine learning and news personalisation in order to consistently provide unique experience to its users.

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