Dailyhunt parent VerSe’s valuation gets slashed 42% to $2.9B: investor note


Indian tech and media startup VerSe, which operates popular news aggregator Dailyhunt, is worth about 42% below its last private valuation, according to estimates by its investor 360 One. 

The wealth and asset manager disclosed in a June update to its investors that it values VerSe at $2.9 billion, according to an internal document reviewed by TechCrunch. 

The Bengaluru-headquartered startup — which counts Ontario Teachers’ Pension Plan, CPP Investments, Goldman Sachs, Google, Sofina and Peak XV among its other backers — was valued at about $5 billion in a $805 million funding round it announced in April 2022. 

In the update, 360 One also disclosed that it had marked up the valuation of NSE, India’s largest exchange, to $29.9 billion, TechCrunch previously reported.

360 One and VerSe declined to comment. 

This downward valuation adjustment aligns with an ongoing global trend: Investors are marking down the worth of their startup holdings. For instance, asset manager Fidelity has reduced the value of its stakes in X, Gupshup and Discord.

Fidelity disclosed on Friday that it values its holding in X, formerly Twitter, at approximately 27.94% of its original investment. This new valuation places the Elon Musk-led social media company, which he bought for $44 billion, at $12.3 billion at the end of July. Similarly, Fidelity estimates that SaaS startup Gupshup is now worth about $541 million, down from its $1.4 billion valuation in 2021.

To be sure, VerSe has improved its financials significantly in the last two years since raising funds at a $5 billion valuation. The startup recently acquired digital marketing firm Valueleaf, a move it said would help it gain an additional $100 million in revenue.

The investor update from 360 One also covered holdings in several other startups. It valued food delivery giant Swiggy at $11.5 billion, up from its last private funding round in early 2022 at $10.7 billion. The report assigned a $4 billion valuation to Pine Labs, a merchant payments platform. Online meat and seafood retailer Licious was valued at $900 million, while edtech company upGrad had a valuation of $1.9 billion ascribed to it, TechCrunch previously reported.



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