BENGALERU, IndiaApril 6, 2022 /CNW/ – The Canada Pension Plan Investment Board (CPP Investments) announced today that it has invested US$425 million in VerSe Innovation Private Limited, one of india leading content technology platform companies. Following an initial equity investment by $50 million in the previous funding round of VerSe Innovation, CPP Investments acted as lead investor in the last round along with another US$375 million A fair investment.
Founded in 2007, VerSe Innovation is one of the fastest growing local language artificial intelligence (AI) content platforms in the world. India. It operates Dailyhunt, one of india the largest local language content platforms, and Josh, one of the largest short video platforms in the country. VerSe Innovation also runs PublicVibe, a fast-growing hyper-local video platform. The company has a local language creator base of over 50 million Indiawith over 80 billion video plays per month.
VerSe Innovation raised US$805 million of the two most recent funding rounds, with participation from existing and new investors including the Ontario Teachers’ Pension Board, Luxor Capital, Sumeru Ventures, Sofina Group, Baillie Gifford and others. The newly raised funds will be used to strengthen VerSe Innovation’s strong position in the local language content space in India improving its artificial intelligence and machine learning capabilities and expanding its offerings to include areas such as e-commerce and live streaming.
“india digital content is growing phenomenally, and VerSe Innovation is well positioned to be one of the leaders in the rapidly growing short video and local language content space,” said Frank Su, Managing Director, Head of Private Equity Asia, CPP Investments. “This investment is part of our approach of providing strategic capital to industry leaders in india technology sector. We look forward to supporting the next phase of VerSe Innovation’s growth journey, which we believe will generate strong risk-adjusted returns for the RPC Fund. »
Virendra GuptaFounder of VerSe Innovation, said, “We are privileged and honored to have leading and exceptional partners such as CPP Investments, Ontario Teachers’, Luxor Capital and Sumeru Ventures on our side. This partnership will strengthen our ability and leadership to realize our vision to create the largest AI-powered local language content platform across a family of apps to serve the next billion users. »
Umang Bedico-founder of VerSe Innovation, added, “With a strategic focus on video content and creating for Indiawe’ve seen explosive growth emerge from the next billion users from regions India. This investment comes at a time when we are on track to further expand our offerings, our monetization models, deliver exceptional Web 3.0 experiences for the world, and build an IPO-scale business.”
About RPC Investments
The Canada Pension Plan Investment Board (CPP InvestmentsTM) is a professional investment management organization that manages the Fund in the best interests of more than 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified asset portfolios, investments are made worldwide in public equities, private equities, real estate, infrastructure and fixed income securities. Based in Toronto, with offices in Hong Kong, London, Luxemburg, Mumbai, New York, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. AT December 31, 2021the Fund has totaled C$550.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
SOURCE Canada Pension Plan Investment Board
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