22 Sep 2017
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Chinese firm buys out Franklin PE arm’s stake in Dailyhunt

MUMBAI: There is investor action in vernacular news aggregator Dailyhunt. Franklin Templeton Private Equity Strategy has sold its entire stake in the company to Chinese content aggregator Bytedance.

The PE firm has sold its stake in Ver Se Innovation, which owns vernacular news platform Dailyhunt, for about Rs 130 crore in a secondary transaction, The Economic Times reported.

In October last year, Dailyhunt had raised Rs 168 crore in Series D funding from Bytedance. Also participating in the round were former Vodafone CEO Arun Sarin and existing investors Matrix Partners India, Sequoia Capital India, Omidyar Network, Falcon Edge and Franklin Templeton PE.

The new round of funding has valued Dailyhunt at about Rs 2,100 crore, a slight premium to its previous round valuation of Rs 1,700-Rs 1,800 crore, ET reported.

Launched in 2009 as Newshunt by former Nokia executives Umesh Kulkarni and Chandrashekhar, it was sold to Ver se’ Innovation in 2012. It was rebranded as Dailyhunt in 2015.

Bytedance is backed by investors like Russian billionaire Yuri Miliner’s DST Global and Chinese social media major Sina Weibo.