VerSe Innovation, the parent firm of news aggregator app Dailyhunt, has acquired the popular digital newsstand firm Magzter, the two said Thursday.
The Bengaluru-headquartered startup has fully acquired Magzter, a New York-headquartered firm that counted Singapore Press Holdings among its backers. VerSe didn’t disclose the financial terms of the deal.
The acquisition of Magzter, which offers more than 8,500 magazines on its eponymous app, underscores VerSe’s focus on targetting and serving the affluent audience, VerSe co-founder Umang Bedi told TC in an interview.
Magzter has more than 1 million paying subscribers in India, and 87 million active users globally. The firm, which charges about $20 to $30 yearly to consumers for its all-you-can-consume model, will find a distribution and technology partner in VerSe, helping the U.S. firm reduce its user acquisition cost, Bedi said.
Dailyhunt began evaluating the deal with Magzter last year. The Indian firm plans to launch Dailyhunt Premium this year that will include an ad-free experience as well as Magzter’s catalog. Magzter will continue to operate as a standalone service as well, Bedi said.
This is a developing story. More to follow.
