The days when all the essential pieces of information from across the globe were shared by only the means of newspaper or the television screen are now the past of the present world.
Today, the news can be shared and accepted by just using a smartphone. There are several applications made across the globe that enable the sharing of news easily and fast. One such app is named Dailyhunt.
Dailyhunt is not something similar to other available platforms. Dailyhunt is one of the major platforms used for the sharing of news across the nation with many Indian languages accepted.
Introduced in the year 2010, Dailyhunt is a mobile-based news application and news aggregator platform giving a common point to all Indians. It is recorded to gain high popularity day by day mainly because of the multiple local languages supported by the platform. To know more about Dailyhunt’s business model, continue to read below.
Dailyhunt – About
Dailyhunt – Startup Story
Dailyhunt – Business Model
What Is Unique About the Business Model of Dailyhunt?
Dailyhunt – Target Audience
Dailyhunt – Competitors
How Does Dailyhunt Make Money?
Dailyhunt – About
Dailyhunt is a news aggregator and Indian content application that has its headquarters located in Bangalore, India. The company was formerly known as Newshunt and was launched in the year 2010. Dailyhunt provides news articles in local languages i.e., around 14 languages from different content providers.
The mission of the company is “the Indic platform empowering a billion Indians to discover, consume and socialize with content that informs, enriches and entertains”.
The mobile application was produced by two ex-employees of Nokia and was then acquired by the founder of Verse Innovations. Later on, the mobile-based news-sharing service was renamed Dailyhunt during the peak of its popularity.
Dailyhunt is one of its kind of platforms that allows its users to share information in their own desired language rather than depending on any one language.
From the time of its introduction to now, Dailyhunt has seen great popularity in its name. Currently, Dailyhunt enjoys more than 350 million users monthly with its revenue around $127 million in 2022.
Currently, the platform is managed by Virendra Gupta who serves as the CEO of the firm, and Umang Bedi as the President of the platform.
Dailyhunt – Startup Story
The most favoured local news platform Dailyhunt was started by two ex-Nokia employees in the year 2009. Soon, it was taken over by Virendra Gupta, the founder of Verse. The Verse Innovation was a value-added company. Verse innovation currently is a local language technology company and is counted as the parent organization of Dailyhunt.
The founder of Verse Innovation started his firm in the year 2007. But even after the success of the newly launched technology, something was missing in his innovation.
He believed that his product will not maintain its shine in the market for a longer period. At such moment, previously known as Newshunt came to his notice. Virendra Gupta purchased the Newshunt in 2011 and it was renamed Dailyhunt in 2015.
The vision seen by Virendra Gupta on Dailyhunt was to create a platform that provides content in vernacular languages. He believed that 70% of India consists of non-English speakers and that was the target audience for Dailyhunt. Hence, after taking over the Newshunt and with the introduction of better facilities, Dailyhunt kept on becoming a larger platform and giving tough competition to non-Indian platforms.
Dailyhunt – Business Model
Dailyhunt Group has different types of offerings which are mainly divided into 3 broad categories. One of the key features of this application is that they provide content in regional languages.
The company acts as a news aggregator through Dailyhunt, they also have another entity called Greynium Technologies that house news and various other platforms that provide content such as CareerIndia, OneIndia, Boldsky.com, Gizbot, etc. The company has also launched a platform named Josh which is similar to TikTok as a short video-sharing platform.
As mentioned earlier the important feature of all the application are it provides content in local languages. Dailyhunt provides content in 14 different languages, whereas Josh provides content in 12 different languages and the other content platforms provide content in 9 different languages.
The Dailyhunt group has a huge base of content providers which include 100K content partners, news content published in 14 different languages by content creators producing 250K news every day.
What Is Unique About the Business Model of Dailyhunt?
Dailyhunt’s business model is very unique compared to other content providers as mentioned earlier all the platforms of Dailyhunt provide various content in local languages. The English content providers will have to directly compete with already well-established global creators such as Instagram, Facebook, Twitter, etc.
Whereas Dailyhunt concentrates on the Indian market by providing content in local languages. The application has also been able to secure a well-established position in the market.
Dailyhunt – Target Audience
Dailyhunt focuses mainly on the millennial group in the country where the age varies from 25-34 years. However, the company focuses on providing content in regional local languages through which it targets all the major populations in India including the people from rural areas as well.
Dailyhunt – Competitors
Even though Dailyhunt had stepped foot into the market at an early stage, they have many competitors in the news industry. With the growth of digital content, a lot of applications are racing to reach the number one position in the news aggregator Industry.
There is no direct competition for Dailyhunt as they have content in various languages. One of the major competitors as a news aggregator for Dailyhunt is Google News.
Other than Google News some of the other competitors of Dailyhunt include Flipboard, Inshorts, Briefing, Feedly, etc.
Ria Puneyani
How Does Dailyhunt Make Money?
Dailyhunt’s major source of revenue is through advertisements however, in the year FY19-20 the company was able to increase its revenue up by 100% year on year despite the pandemic. Other than this the application concentrated on raising funds and has had multiple funding rounds.
Recently in the year 2020, Dailyhunt had become a Unicorn Startup in India. The company has received a total funding of around USD 540 million and the most recent funding was USD 207 million which was through Series H funding.
The company also receives revenue through e-books as well as magazines. Anyone can read the news provided by Dailyhunt for free of cost but for downloading the books or magazines one will have to make a payment for it.
Conclusion
Dailyhunt was one of the unique platforms that gain popularity quickly despite the risks present in the market. From the time of its start to now Dailyhunt has seen significant growth in the news aggregator market and through its unique approach to providing content in different languages, the company was able to stand out from its competitors. The above text provides basic information about Dailyhunt and its business model.
FAQs
How does Dailyhunt make money?
There are multiple ways through which Dailyhunt creates revenue. One of the major sources of income for Dailyhunt is by the means of advertising. Dailyhunt earns money by selling out advertisements for different startups and services on its application.
Who is Virendra Gupta?
Virendra Gupta is the founder and Present CEO of the company, Dailyhunt.
Is Dailyhunt a product-based company?
No, Dailyhunt is not a product-based company. Instead, it can be considered a service-based company mostly used for sharing information.
Who are the investors of Dailyhunt?
Dailyhunt has more than one investor attached to it. Some of them are Kotak Investment Advisors, Luxor Capital Group, Baillie Gifford, Sumeru Ventures, and many others.
