Microsoft and Google are part of an investment drive that has raised more than $100 million to invest in VerSe Innovation, which owns the integrative news network Dailyhunt, and short video-making app Josh, which is India’s top competitor among several TikTok competitors. VerSe is now valued at more than $1 billion, and the recent wave of investments in it has been led by AlphaWave.
Sofina Group and Lupa Systems have joined the investment campaign, knowing that they are former investors in the company along with Goldman Sachs and Sequoia Capital India who are also investors in VerSe, and the new investment will help them advance the rapidly growing Josh application project.
VerSe plans to create artificial intelligence and machine learning technology to increase the number of users of the application, which is expected to expand significantly beyond India in the future.
Josh has an estimated audience of 77 million monthly active users, and more than 1.5 billion videos are played on the platform daily. It is worth noting that TikTok was banned in India in June of this year.
It is believed that part of the prosperity of the Josh application is related to the increasing number of people who have become connected to the Internet in India, in addition to the importance that the content is available in the native language of the people of the country, which increases their desire to follow and interact with it, and Google said in a statement It will also invest in Indian startup Glance InMobi.