The innovative company VerSe Innovation, which owns the Indian news aggregator app Dailyhunt, announced on Thursday that it has acquired the renowned digital newsstand company Magzter.
The acquisition of Magzter highlights VerSe’s growing focus on reaching and serving the affluent audience, as esteemed VerSe co-founder Umang Bedi shared in an interview with TechCrunch.
The Bangalore-based startup has fully taken over Magzter, a firm headquartered in New York, that has garnered the support of companies such as Singapore Press Holdings. The financial terms of the deal were not disclosed by VerSe.
Magzter, which offers a variety of over 8,500 magazine titles through its app, has gained a substantial following of over 1 million paying subscribers in India alone. Its global active user base amounts to 87 million, according to Bedi. With an all-you-can-consume model, offering annual subscription fees of $20 to $30, Magzter will benefit from VerSe Innovation’s partnership in distribution and technology.
Last year, Dailyhunt began considering the acquisition of Magzter. This year, the Indian company plans to launch Dailyhunt Premium, providing an ad-free experience along with access to Magzter’s expansive catalog. Bedi confirmed that Magzter will continue to operate as its own independent service as well.
This story is still developing and more details will be revealed soon.
