India-based news aggregator Dailyhunt has received $35m from Lupa India as part of a series G round featuring digital media group ByteDance that now stands at $58.5m, DealStreetAsia reported today.
Asset management firm Falcon Edge led the initial series G tranche last month with participation from ByteDance as well as investment bank Goldman Sachs and investment adviser Advent Capital Management.
Lupa India is a local subsidiary of Lupa Systems, a private investment vehicle founded by James Murdoch, son of media tycoon Rupert Murdoch.
Dailyhunt runs an online portal that relies on machine learning to provide consumers with personalised news and entertainment content in one of 14 Indian languages.
The portal contains content from more than 1,000 partners, and has more than 51 million active daily users, each estimated to spend at least 27 minutes on the service.
Dailyhunt is now looking to win market share in smaller Indian towns and villages having bought hyperlocal video content platform LocalPlay in June 2019.
The company has raised around $183m in funding altogether since it was founded in 2007.
Bytedance backed a $25m round for the business in 2016 that also included Matrix Partners India, Sequoia Capital India, Omidyar Network and Arun Sarin, before a $35m commitment from undisclosed investors in March 2019.
DailyHunt secured $22m two months later at a $534m post-money valuation from investment firm Sofina, before raising $2.9m from a vehicle called Stonebridge in August 2019.