India’s biggest news business has has 206 million monthly users

Virendra Gupta and Umang Bedi expect to be running India’s biggest news business, in terms of audience, by the end of this year. Dailyhunt, the mobile news app bought by Mr Gupta in 2012, and for which Mr Bedi gave up his job as head of Facebook India, already has 206 million monthly users and has quadrupled its audience in the past 12 months. It aggregates news from 1,800 Indian publishers, sources articles from a network of its own freelancers, and offers them up in 17 Indian languages, curated and sorted by a computer program that creates a personal news feed for each reader… But Dailyhunt has also attracted attention because, alongside investment from the likes of Sequoia Capital, it has an investor from China with a significant minority stake in the form of ByteDance, the owners of Toutiao, the news aggregation app. ByteDance led a $25 million investment round in 2016 and ended up with about a fifth of the company… Dailyhunt’s revenues currently come exclusively from ads, and India’s digital advertising market remains small, at just $2.5 billion a year, compared with $70 billion in China and $104 billion in the US… In the fiscal 2017 to 2018 year, the company’s revenues amounted to about Rs1.13 billion ($16 million) while net losses were Rs1.6 billion…
 
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