India’s Verse Acquires Rival Apple News+ Magzter

India's Verse Acquires Rival Apple News+ Magzter

18 April 2024 – VerSe Innovation has bought the well-known digital newsstand platform Magzter, the parent company of the Indian news aggregation app Dailyhunt, the two announced on Thursday.

The startup based in Bengaluru has entirely purchased Magzter, a company based in New York, with investors including Singapore Press Holdings. Verse withheld the deal’s financial details.

Verse co-founder Umang Bedi told TechCrunch in an interview that the company’s purchase of Magzter, which provides over 8,500 magazine titles on its name-brand app, highlights the company’s increasing emphasis on reaching and catering to the wealthy demographic. He referred to the agreement as Verse’s “biggest” purchase transaction ever.


Conclusion

According to Bedi, Magzter has 87 million active users worldwide and over a million paid members in India. Verse has been identified by the company, which charges $20 to $30 annually for an all-you-can-consume approach as a distribution and technology partner. Dailyhunt started assessing the agreement with Magzter last year. It is a $5 billion venture supported by CPP Investments, Ontario Teachers’ Pension Plan, Qatar Investment Authority, Carlyle Group, and Goldman Sachs.

Source:Link