Dailyhunt-parent acquires newsstand app Magzter | TechCrunch
VerSe Innovation, the parent company of news aggregator app Dailyhunt, announced on Thursday that they have acquired the well-known digital newsstand firm Magzter. With its headquarters in Bengaluru, VerSe has successfully obtained Magzter, which is based in New York and had Singapore Press Holdings among its supporters. Unfortunately, the financial details of the deal have not been disclosed. This acquisition highlights VerSe's commitment to targeting and serving the wealthy audience, according to Umang Bedi, the co-founder of VerSe, in an interview with TechCrunch. Magzter's eponymous app offers over 8,500 magazines, making it an attractive platform for VerSe. In India alone, Magzter boasts over 1 million paying subscribers and has a staggering 87 million active users worldwide. Their unique subscription model charges consumers around $20 to $30 per year for unlimited access to their wide-ranging catalog. By partnering with VerSe, Magzter will gain a significant distribution and technology ally, ultimately reducing their user acquisition costs. The deal with Magzter has been in the works for some time, with Dailyhunt considering it since last year. Dailyhunt, the Indian firm, has plans to launch Dailyhunt Premium later this year, which will provide users with an ad-free experience and include Magzter's extensive catalog. However, even with the acquisition, Magzter will continue its operations as an individual service. Bedi confirmed this information, ensuring customers that Magzter will maintain its status as a standalone platform. With VerSe's acquisition of Magzter, both companies are positioned to benefit from each other's strengths. VerSe will gain access to Magzter's vast library of magazines, while Magzter will gain support in distribution and technology. This partnership is sure to be a win-win situation for both firms.