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Benzinga
Benzinga
Technology
Anusuya Lahiri

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

Google Verse Nasdaq India Alphabet Inc Canada Pension Plan Investment Board Dailyhunt Meta VerSe Innovation Canada
  • 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 (NASDAQ:GOOG) (NASDAQ: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 (NASDAQ: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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