[ad_1]
Bengaluru-based VerSe Innovation, the guardian firm of an Indian TikTok spinoff referred to as Josh, has raised greater than $100 million (roughly Rs. 740 crores) from buyers together with Alphabet’s Google and Microsoft, months after the Chinese-owned short-video app was banned in India.
Josh is one in all a number of home-grown short-video platforms which have sprung up since India blocked the wildly fashionable TikTok in June amidst a border disaster with China, attracting world investor curiosity in purposes filling the hole. Bengaluru-based VerSe Innovation, which owns Josh, is valued at greater than $1 billion (roughly Rs. 7,400) following the funding, it mentioned in a press release. Josh has crossed 50 million downloads on the Google Play retailer.
AlphaWave, part of world asset supervisor Falcon Edge Capital, additionally invested in VerSe, as did current buyers Sofina Group and Lupa Systems, VerSe mentioned, including that it could use the funds to scale up Josh. VerSe additionally owns information and content material platform Dailyhunt, which provides content material in a number of Indian languages.
Google mentioned the funding is a part of its $10 billion (roughly Rs. 73,900 crores) Google for India Digitization Fund created to speed up India’s digital economic system.
“When we shared details of the India Digitization Fund in July this year, we identified enabling affordable access and information for every Indian in their own language, whether it’s Hindi, Tamil, Malayalam, Gujarati, and more as a key pillar in order to drive forward India’s digitisation,” Google mentioned in a weblog publish.
Google mentioned that it had additionally invested in Glance InMobi, which runs lock-screen content material app Glance and short-video app Roposo, other than VerSe.
In September, Indian content-sharing platform ShareChat raised $40 million (roughly Rs. 300 crores) from buyers together with Twitter Inc and Lightspeed Ventures, in an effort to drive progress for its new short-video app Moj. The app has additionally been put in on greater than 50 million gadgets from the Google Play retailer.
© Thomson Reuters 2020
Is MacBook Air M1 the transportable beast of a laptop computer that you just all the time wished? We mentioned this on Orbital, our weekly know-how podcast, which you’ll subscribe to through Apple Podcasts, Google Podcasts, or RSS, obtain the episode, or simply hit the play button under.
(This story has not been edited by Newslivenation employees and is auto-generated from a syndicated feed.)