VerSe Innovation, which runs apps like news aggregator Dailyhunt and TikTok clone Josh , is expanding globally with the launch of Dailyhunt in the Middle East Media executive Shekhar Iyer has been appointed director and general manager of VerSe Innovation , Middle East and North Africa (MENA).Iyer has worked with multiple Middle East-based media companies in the past, including Khaleej Times, Abu Dhabi Media, and Persian Gulf.VerSe has rolled out Dailyhunt in the UAE, Saudi Arabia, Bahrain, Oman, Qatar, and Kuwait. It is headquartered in Dubai. “In this strategic growth plan, we will soon expand Dailyhunt in MENA countries including Iraq, Iran, Israel, and Egypt, and support languages like Hebrew, Farsi, and Arabic.”Bedi said the digital advertising market opportunity in the region was as big as India’s, which is around $4.5 billion, growing at about 25% year on year, with no “large incumbent”. Because a lot of the costs are already captured in the Dailyhunt core,” he said.The company's expansion into the Middle East market comes soon after its $805 million funding round in April, which valued it at $5 billion.VerSe Innovation was valued at around $3 billion after a $450 million funding in August last year and prior to an investment by Google and Microsoft. The company has raised $1.5 billion in the past year, underscoring the capital-intensive nature of the industry.Besides DailyHunt and Josh, VerSe Innovation also houses PublicVibe, a hyper-local video platform.

Source: The North Africa Journal June 21, 2022 00:33 UTC