Dailyhunt and Josh’s parent VerSe acquires social networking app GolBol

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VerSe Innovation, parent company of local-language news aggregator Dailyhunt and shorthand video app Josh, announced on Wednesday the acquisition of Indian social networking app GolBol.

As part of the acquisition, VerSe Innovation will bring together the entire GolBol team, including co-founders Shanu Vivek, Karandeep Singh Gujral and Kaushik Mahato, to help multiply Josh’s impact.

The GolBol team will focus their efforts on improving Josh Cam, a mobile video editing app designed exclusively for users and creators of the short video ecosystem. The application with its editing interface allows users of short videos to give their content a professional touch.

The GolBol team will also improve the efficiency of artificial intelligence and machine learning to help Josh create discovery initiatives for user-generated content.

GolBol marks VerSe’s third acquisition this year. Previous acquisitions made by the company in 2021 include Cognirel Technologies Pvt, based in Bengaluru. Ltd to improve its AI capabilities; and the Vebbler video sharing app, to increase creators’ offerings on Josh.

In a previous interaction with Mint in August, VerSe founders Umang Bedi and Virendra Gupta said the company is considering 10 to 12 acquisitions in 8 to 10 months.

The acquisition also comes just two months after VerSe raised $ 450 million from renowned global investors including Siguler Guff, Baillie Gifford, subsidiaries of Carlyle Asia Partners Growth II and others, valuing the startup at nearly of $ 3 billion.

“VerSe’s clear growth strategy for Josh, grounded in an entrepreneurial mindset, has driven this alliance with some of India’s brightest minds and passionate innovators who understand how Bharat consumes, creates and interacts with content. . Not only does this reinforce our commitment to create Bharat’s largest digital platform that captures mind sharing, timeshare and revenue share of local language users. It also validates our culture of learning and mentoring, ”said Shailendra Sharma, senior vice president, products and engineering at VerSe Innovation.

Along with acquisitions, VerSe also plans to issue small checks to early stage or early stage entrepreneurs, to complement its business, the founders told Mint in an earlier interaction.

“GolBol was born from the simple idea of ​​motivating local language users to share their lives online through an easy-to-use product. We had more ambitious plans and wanted to meet the diverse content needs of Bharat. The ambition and clarity of thought demonstrated by Josh’s leadership convinced us that this was the right solution. We are aligned with the company’s vision of providing a family of applications for a Bharat audience, ”said Shanu Vivek, CEO and co-founder of GolBol.

VerSe is currently recording an annual revenue rate (ARR) of $ 115 million and plans to reach an ARR of $ 175 to $ 200 million by the end of this year. Currently, VerSe has a local language creator base of over 50 million and manages 150,000 creators in level 2 and 3 geographies.

Much like its competitors including Moj from Sharechat and Glance from InMobi, VerSe also plans to launch live streaming and video as well as influencer-led commerce on its platform.


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