funding

Dailyhunt becomes the latest and probably the last unicorn of 2020

With barely nine days to go to wrap up the coronavirus-inflicted 2020, Dailyhunt has now become the latest startup to enter the coveted unicorn club. The startup, which operates news aggregator platform, announced that its market valuation has exceeded $1 Bn after raising fresh rounds from Google, Microsoft and Alpha Wave Incubation.

Logo of news aggregator app Dailyhunt

Few existing investors have also participated in the funding round.

The startup said that it will use the fresh capital infusion to further improve its recently launched short video app josh. Josh was among the many short video apps that was launched post TikTok ban and has managed to gain significant market share in the very short span of time.

According to Redseer consulting firm’s recent study, Josh app was clearly ahead of its peers to emerge as a new market leader. The study claimed that compared to other apps Josh app fared well in three key areas ‘user satisfaction (UX)’ ‘creator satisfaction’ and ‘personalization.’   The same study claims that India is the largest content consumer in the world, consuming more content than China, Canada, Russia and other countries.

While Josh’s success is no doubt impressive, it still faces a pretty tough competition from the likes of ShareChat’s Moj and Times Internet’s Mx Taka Tak. In fact, a significant part of ShareChat’s recent $40 Mn pre-Series E funding will be invested in MOJ app.

To read the latest trends brought forth by ShareChat 2020 UGC Trends Report, please click here.

All Indian homegrown short video apps will breathe a sigh of relief following the Indian government’s decision to ban Chinese short video app Snack video.  Until its ban last month, Snack video was in the pole position to fill the void left after the TikTok ban.

Techpluto was one of the few platforms to take note of Snack Video’s growing threat to India’s home grown short video apps.

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