Indian online news platform, Dailyhunt has proclaimed to buy hyperlocal platform, LocalPlay for an undisclosed sum, according to a media report.
Vers Innovation Pvt. Ltd originally administers Dailyhunt, said in its statement that the acquisition would facilitate in improving its hyperlocal presence and enhance its offerings to its core users in Tier II cities and beyond, as reported by daily news, VC Circle.
LocalPay was introduced in 2018 and provide its users with a wide range of information in the form of news, videos, events, classifieds and announcements in Hindi.
While Dailyhunt was initially named as Newshunt and was launched by Umesh Kulkarni and Chandrashekar Sohoni, Ex-executives of Nokia, in 2009. Later, the company was sold to Verse Innovation in 2012 and then, renamed as Dailyhunt in 2015. It uses a proprietary algorithm to offer customised news to different users in almost 15 languages.
Furthermore, it renders authentic video content in Telugu, as well as the Hindi language, alongside a free television streaming service in 9 languages.
In March 2019, it was surfaced by media reports that Dailyhunt was in discussions to raise INR 1,224 crore in a round of funding from US-based investment firm, Goldman Sachs hedge fund.