India-based news and literary content aggregation platform Dailyhunt is set to raise $173m from investors including investment bank firm Goldman Sachs’ hedge fund, VCCircle has reported.
Dailyhunt has already received approximately $35m in the round according to a regulatory filing which values the company at between $500m and $510m. It is expected to be valued at up to $650m once the round closes.
Founded in 2009 as Newshunt, Dailyhunt operates a mobile platform that provides aggregated news content for users in 14 languages. It also offers original video content and live television streaming service with more than 130 channels.
The company has more than 207 million monthly active users and expects to increase that figure to between 260 and 270 million by June this year, president Umang Bedi told the Economic Times this week.
Digital media group Bytedance joined Matrix Partners, Sequoia Capital, Omidyar Network and angel investor Arun Sarin to provide $25m of funding for the company in 2016.
Dailyhunt had previously raised a total of $40m from Matrix Partners, Sequoia, Omidyar Network and Falcon Edge Capital across series A and B rounds in 2015.
E-commerce firm Alibaba had been reported to be in discussions with Dailyhunt in February 2018 over an investment at a $500m valuation.