VerSe Innovation, the company behind the online news aggregation Dailyhunt and the short-video platform Josh, announced on Wednesday that it has acquired the digital newsstand Magzter, located in New York City.
Established in June 2011 by global entrepreneurs Girish Ramdas and Vijay Radhakrishnan, Magzter facilitates the creation and distribution of digital editions of magazine and newspaper titles to readers worldwide.
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According to co-founder Umang Bedi, the sale is for stock and cash, ET said.
The 75 staff of Magzter will be completely integrated into VerSe’s 1,200-person workforce following the purchase, which is expected to close by April 30.
Magzter has been adding publishers at a rapid pace, now representing more than 50 nations with publications and newspapers.
About VerSe Innovation
Founded by former Facebook India MD Umang Bedi and Virendra Gupta, VerSe Innovation’s proprietary technology platform powers 300 million+ users to consume content in their local language.
About Magzter
Magzter Inc. is a growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages.
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