VerSe Raises $450 Million in New Round; Valuation Doubles

Friday 13th August, 2021

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VerSe Raises $450 Million in New Round; Valuation Doubles CASHING IN Some early investors scored partial exit in a small secondary share sale component Sneha.Shah Trending Now To broaden 3 o XerSse Innovation has YT YT Mumbat: VerSe Innoj _. ralsed around EEE vation, the parent wwe 0= $650 milllonso EL company of news ag. | far this year gregation platform : J me Firm looks to Dallynunt and . : versewlilusethecapgrow throughinanohrt-hasvideo g aN L = Ital to grow Its Short organic route Osh, has ra ' video platform milion from inves exh Bg .p Se Itis considering tors led by Siguler Guff To strengthen Its tech acquisitions in &Co, Batille Gifford. A platform the space "TE flliates of Carlyle Asla Partners Growth II, Bay " Existing invesCapital and IIFL Xe ' tors Soflna Group, The round, largely a pri Qatar Investment Au mary fund infusion, also in thority and BCap also cludes a small secondary share sale component where round. some early investors have parThe company's valuation has tially cashed out, Sources sald. doubled from the previous funparticipated in the draisinground, VerSesaidina statement without giving a any details. In February, VerSe picked up more than $200 million from investors such as Falcon Edge Capital, Glade Brook Capital Partners, Google, Microsoft and Qatar Investment Authority. It had raised funds in December last year from the likes of Google and Microsoft, when 1t entered the unicorn club with a valuation of $1 billion. People familiar with the deal said the firm's valuation has Jumped to around $3 billion, post the latest capital iInvestment. VerSe will use the capital to grow Josh, strengthen Its technological platform and to broaden its AVUML and data science capabllities, the company sald. Founded by Virendra Gupta, Shailendra Sharma and Umang Bedi, VerSe operates through three subsidiaries Eterno Infotech, Rocket Science Innovations and Greyntum Information. These entities hold arrangements with different content providers and creators, along with all non-revenue generating items, with a service level agreement with the main entity (VerSe Innovations) which holds the IP, revenue streams and raises capital. India's short-video segment has seen more than a dozen new entrants come Up to capture the space left in the absence of the Chinese apps. These include Josh, Instagram Reels, Times Internet's MX TakaTak, YouTube Shorts, ShareChat's Moj, InMobi's Roposo, Mitron and BoloIndya. Times Internetispart of Bennett, Coleman and Company Ltd, which also publishes this newspaper.