Google Backed VerSe Commands $5B Valuation After Latest Funding Round: Reuters

April 6, 2022 7:18 AM | 1 min read |

India's VerSe Innovation has raised $805 million in a funding round led by Canada's top pension fund.
The funding has put a $5 billion valuation on the Alphabet Inc GOOG GOOGL Google-backed parent of short-video app Josh and news aggregator Dailyhunt, Reuters reports.
Josh, which has more than 150 million monthly active users, competes in India with local rival Moj and Meta Platforms Inc's FB Instagram Reels.
VerSe expects the investment to strengthen the AI-powered local language content platform across its family of apps, targeting India's subsequent billion internet users.
The report noted that Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, Luxor Capital, and Sumeru Ventures participated in the funding round.
Price Action: GOOG shares closed lower by 1.8% at $2,821.26 on Tuesday.

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