VerSe Innovation Expands into Digital Subscriptions with Magzter Acquisition

VerSe Innovation, the parent company of Indian content aggregator Dailyhunt, has acquired digital magazine and newsstand Magzter to expand its offerings into digital subscriptions. The acquisition, announced on Tuesday, marks a significant move for VerSe as it aims to strengthen its position in the digital content market.

Founded in 2011, Magzter provides access to over 12,500 magazines and newspapers from more than 6,000 publishers worldwide. The platform has a global user base of over 60 million users and partnerships with leading publishers such as Hearst, Condé Nast, Bloomberg, and ESPN.

With the acquisition of Magzter, VerSe Innovation gains a strong foothold in the digital subscriptions space. Umang Bedi, co-founder of VerSe Innovation, stated, "The acquisition of Magzter will speed up our path towards providing a comprehensive content experience for our users. We are excited to welcome the Magzter team to the VerSe family and leverage their expertise in the digital subscriptions domain."

Girish Ramdas, CEO and co-founder of Magzter, expressed enthusiasm about joining forces with VerSe Innovation. "We are thrilled to be a part of VerSe Innovation and contribute to their vision of delivering high-quality content to users. Together, we will work towards expanding our reach and offering an unparalleled digital reading experience," Ramdas said.

Why this matters: The acquisition of Magzter by VerSe Innovation signifies the growing importance of digital subscriptions in the content industry. As more users shift towards consuming content online, companies are looking to expand their offerings and provide comprehensive digital experiences to retain and attract subscribers.

The terms of the deal were not disclosed, but the acquisition is expected to close in the coming weeks. Following the acquisition, Magzter will continue to operate as a separate entity within the VerSe Innovation ecosystem.

VerSe Innovation, backed by investors such as Goldman Sachs and Falcon Edge Capital, has been on an acquisition spree in recent years. In 2020, the company acquired AI-based content startup Cognirel Technologies and social media platform Helo. With the addition of Magzter to its portfolio, VerSe Innovation is well-positioned to cater to the diverse content needs of its growing user base.

Key Takeaways

• VerSe Innovation acquires digital magazine platform Magzter to expand digital subscriptions.
• Magzter has over 60 million global users and partnerships with major publishers.
• Acquisition aims to provide comprehensive content experience and leverage Magzter's expertise.
• Deal signifies growing importance of digital subscriptions in content industry.
• VerSe Innovation continues acquisition spree, adding Magzter to its portfolio of content platforms.