The partnership of tech giants invests in one of the fastest growing tech outfits in India.
Microsoft makes a significant investment in VerSe Innovation, owner of popular Indian content and news aggregator Dailyhunt and localized TikTok alternative Josh.
VerSe secures important Microsoft investment
VerSe Innovation, based in Bangalore, is the parent company of Dailyhunt, a popular Indian content aggregator, and Josh, a TikTok-like alternative that focuses on Indian culture and languages.
At the time of writing, Dailyhunt has over 300 million users providing news in 14 languages, while the video sharing app Josh has over 77 million monthly active users and over 1.5 billion daily video games, according to the company.
In comparison, TikTok has around 800 million active monthly users worldwide, while Josh's user base is mostly concentrated in the Indian subcontinent.
The untapped Indian market is part of the attraction for the investors. As one of only two countries in the world with more than 1 billion people and more users who go online every day, India is one of the fastest growing technology markets in the world.
AlphaWave leads the investment round, which includes Google. The round of funding raised over $ 100 million and valued the parent company at over $ 1 billion. This is a significant investment in one of the fastest growing technology companies in the world.
A post on the official Google India blog confirmed the investment and gave some insight into the search giant's reasoning.
In the past two years alone, 100 million new Internet users have come online from rural India. Data shows that rural consumption now accounts for around 45 percent of all mobile data usage in the country and is mainly focused on online videos. However, many of these internet users continue to struggle to find content to read or services that they can safely use in their own language. This limits the value of the internet significantly to them, especially at a time like this when the internet is the lifeline of so many people.
VerSe plans to use its investment to expand its Josh video sharing platform. With the Indian government banning TikTok and other Chinese apps, this is the perfect time for a local version to expand into the untapped market.
Microsoft invests in Indian technology
This is nowhere near the first investment Microsoft has made in the Indian technology market.
In early 2020, the Microsoft M12 Venture Fund opened a new local office in Bengaluru, helping the company capitalize on investment opportunities across the country. "The focus is on B2B software startups in the fields of applied AI, business applications, infrastructure, security and avant-garde technologies." "
The company also operates three large data centers in India, some of which have expanded or are due to begin expansion work. This emerges from a statement by Anant Maheshwari, President of Microsoft India, to The Times of India.
Microsoft was one of the first global data-driven companies with data centers in India. There are already three data centers in operation in India. We're expanding capacity and adding more.
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About the author
(650 articles published)
Gavin is the junior editor for Windows and Technology Explained, contributing regularly to the Really Useful Podcast, and was the editor for MakeUseOf's crypto-focused sister site Blocks Decoded. He has a BA (Hons) in Contemporary Writing Using Digital Art Practices Looted from the Devon Hills, as well as over a decade of writing experience. He enjoys plenty of tea, board games, and soccer.
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