India’s VerSe acquires Apple News+ rival Magzter

VerSe Innovation, the dad or mum agency of Indian information aggregator app Dailyhunt, has acquired the favored digital newsstand agency Magzter, the 2 mentioned Thursday.

The Bengaluru-headquartered startup has totally acquired Magzter, a New York-headquartered agency that counted Singapore Press Holdings amongst its backers. VerSe didn’t disclose the monetary phrases of the deal.

The acquisition of Magzter, which affords greater than 8,500 journal titles on its eponymous app, underscores VerSe’s rising focus to achieve and serve the prosperous viewers, VerSe co-founder Umang Bedi instructed TechCrunch in an interview. He known as Magzter Verse’s “largest” acquisition deal thus far.

Magzter has amassed over 1 million paying subscribers in India and boasts a world energetic consumer base of 87 million, Bedi mentioned. The agency, which affords an all-you-can-consume mannequin with annual subscription charges starting from $20 to $30, will discover a distribution and know-how companion in VerSe, he added.

Dailyhunt — valued at $5 billion and backed by CPP Investments, Ontario Teachers Pension Plan, Qatar Investment Authority, Carlyle Group, and Goldman Sachs — started evaluating the cope with Magzter final yr. The Indian agency plans to launch Dailyhunt Premium this yr that can embody an ad-free expertise in addition to Magzter’s catalog. Magzter will proceed to function as a standalone service as nicely, Bedi mentioned.

Magzter maintains partnerships with hundreds of huge publishers and affords titles together with The New Yorker, The Economist, Vanity Fair and Time on its app. DailyHunt is working to introduce a personalised information feed in Magzter that can curate articles and tales from the digital newsstand app’s intensive catalogue of journal titles.

“This partnership opens up new avenues for delivering high-quality content material experiences to customers throughout India, additional strengthening our purpose of offering unparalleled digital studying experiences to our readers,” Magzter founders Girish Ramdas and Vijayakumar Radhakrishnan mentioned in a joint assertion. They will proceed to work on Magzter following the acquisition, Bedi mentioned.

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