VerSe Innovation buys Magzter, a worldwide digital newsstand

VerSe Innovation, a local language technology platform, said on Thursday that it has paid an unknown amount to buy Magzter, a cross-platform, international digital newsstand with a collection of over 8,500 premium magazines and newspapers.

Initially introduced as “Dailyhunt Premium,” this subscription-based service will provide users access to over 60 languages, including English, French, Italian, Japanese, Russian, Spanish, and more, as well as quality content from international publications.

Vanity Fair, The New Yorker, Time, Newsweek, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Elle, Maxim, Vanity Fair, and Bazaar are a few of the international journals.

“Magzter fits our ecology well. Co-founders of VerSe Innovation Virendra Gupta and Umang Bedi said, “The acquisition seamlessly aligns with our growth trajectory and enhances our ability to deliver premium content experiences to our ever-expanding user base.”

Since its launch in 2011, Magzter has amassed over 1.1 million active paying members in India alone, and its user base has surpassed 87 million worldwide.

Co-founders of Magzter Girish Ramdas and Vijayakumar Radhakrishnan said, “This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers.”

According to the firm, VerSe Innovation’s acquisition potential is supported by its strong financial position, which was bolstered by its $805 million successful investment round and Dailyhunt’s continuous positive EBITDA for more than two years.