Matrix backed Dailyhunt raises Series D led by ByteDance
Bangalore, India - October 15, 2016: Dailyhunt – India’s leading local language app has raised $25 million in its Series D funding round led by ByteDance. ByteDance is a global digital content platform with over 138 million monthly active users of its news app Toutiao in China. Arun Sarin, former CEO of Vodafone & existing investors of Dailyhunt - Matrix Partners India, Sequoia Capital India, Omidyar and Falcon Edge also participated in the round.
Dailyhunt is India’s most popular local language app with over 28 million monthly active users and over 4.5 billion page views monthly. Through its platform, it provides the widest collection of regional language content in form of news, eBooks, magazines, comics and videos.
Zhang Yiming, Founder and CEO of ByteDance, said, “Dailyhunt is serving a huge unmet need of providing local language content to Indian mobile users and has grown with its localized approach ad business model. We are excited about a long-term partnership here and believe in Dailyhunt’s long term potential to be the leading mobile content platform in India”.
Virendra Gupta, Founder and CEO of Dailyhunt, said, “Dailyhunt has grown by partnering with publishers, developers, OEMs, advertisers and other ecosystem partners. We want to thank our partners for their support and reaffirm our commitment to the local language digital ecosystem. The investment by ByteDance, who has done this at scale, reinforces our belief in the opportunity. We look forward to learn from ByteDance on personalization and large scale machine learning to continue to offer a unique experience to our users”.
“Dailyhunt is addressing the next 400M users who will be brought online by the coming explosion in data usage. We believe in their approach of working with every ecosystem player to bring the best content to the user. We are privileged to partner with Viru and the team at Dailyhunt and welcome ByteDance to the board and look forward to partnering with them to build a local language platform” said Vikram Vaidyanathan, Managing Director, Matrix India.
Dailyhunt is the #1 news and eBooks application in India with 28 million monthly active users. Installed in over 120 million phones and available in 15 Indian languages, with over 35,000 items published daily, it is the largest platform for Indian language digital content. Its users consume over 4.5 billion page views monthly.
Bytedance is a global tech company operating content platforms worldwide. Toutiao in China along with TopBuzz in the U.S. and Brazil are news apps that make personalized content recommendation based on algorithms. With over 138 million MAUs, Toutiao and TopBuzz are among the most used apps globally today. Bytedance’s mission is to help its users consume the most valuable information in the most convenient fashion. Born to revolutionize the information distribution industry, our applications utilize large scale machine learning and cutting-edge data mining technologies to present contents based on the user’s interests.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Mswipe (mobile POS), LimeRoad (mobile social commerce marketplace), Stayzilla (short-term accommodations marketplace), Finomena (consumer lending) and Myra (online medicine delivery) among others. Matrix Partners has a global network of funds investing in the US, China and India with US$ 4B under management. Further information is available at www.matrixpartners.in
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