India-based news aggregator acquires, Magzter, a digital newsstand platform : Report

Dailyhunt owner, VerSe, acquired the popular digital newsstand platform Magzter

VerSe Innovation, the parent company of India-based news aggregator app Dailyhunt acquired the popular digital newsstand platform Magzter.  | Photo Credit: AP

VerSe Innovation, the parent company of India-based news aggregator app Dailyhunt acquired the popular digital newsstand platform Magzter.

While the financial terms of the deal are unknown, the Bengaluru-based startup reportedly acquired the New-York headquartered firm that counts Singapore Press Holdings among its backers, a report from TechCrunch said.

Magzter offers more than 8,500 magazine titles on its app, these include publications like The New Yorker, The Economist, Vanity Fair and Time on its app. The app has over 1 million paying subscribers in India and boasts an active user base of 87 million. The deal offers Dailyhunt, valued at $5 billion avenues to expand its appeal in the Indian market.

Dailyhunt plans to launch its Premium subscription this year that will include an ad-free experience as Magzter’s catalogue. Meanwhile, Magzter will continue to operate as a standalone service as well.

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VerSe is also in talks to acquire social media startup Koo, and operates a short-video app Josh.