Local language technology platform VerSe Innovation on Thursday said it has acquired Magzter, a cross-platform, global digital newsstand with a library of more than 8,500 premium magazines and newspapers, for an undisclosed sum.
Launched as ‘Dailyhunt Premium’, this subscription-based offering will provide users access to premium content from global publishers in more than 60 languages, including English, French, Italian, Japanese, Russian, Spanish, and more.
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The global publications include Time, Newsweek, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, The New Yorker, and Bazaar, among others.
“Magzter is a perfect fit for our ecosystem. The acquisition aligns seamlessly with our growth trajectory and enhances our ability to deliver premium content experiences to our ever-expanding user base,” said Virendra Gupta and Umang Bedi, co-founders of VerSe Innovation.
Magzter has over 1.1 million active paying subscribers from India alone and a user base exceeding 87 million globally since its establishment in 2011.
“This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers,” said Girish Ramdas and Vijayakumar Radhakrishnan, co-founders of Magzter.
VerSe Innovation’s acquisition capability is underpinned by its robust financial standing, led by its successful funding round of $805 million, alongside Dailyhunt’s consistent positive EBITDA for over two years, said the company.
