Qatar invests $100 million into ‘Josh’ India’s Tiktok rival app
Qatar Investment Authorities is one of many to raise a $100 million investment for Local language tech platform VerSe Innovation, the parent company of DailyHunt which runs the short video app, Josh.
The investments also saw participation from Canaan Valley Capital. existing investor Sofina Group, Glade Brook Capital Partners and other companies.
“This will include the augmentation of local language content offerings, the development of its content creator ecosystem, innovation in AI and ML and more importantly, creation of opportunity for India’s vast talent pool,” said the company about how the latest fundraise will be used.
Qatar’s investment was after Google and Microsoft injected $100 million into the company. It is also backed by Goldman Sachs, Lupa Systems, Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and Omidyar Network, among others.
Additionally, Josh has recently signed a licensing agreement with Saregama one of India’s oldest music labels
According to VerSe Innovation, Josh is the “fastest growing and most engaged short-video app” in India, which currently has over 85 million monthly active users, 40 million daily active users and over 1.5 billion video plays per day.