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VerSe Innovation acquires global digital newsstand Magzter

IANS | April 18, 2024 10:30 AM

BENGALURU: 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.

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.

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