India's VerSe acquires Apple News+ rival Magzter [TechCrunch]
The Carlyle Group Inc. (CG)
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Source: TechCrunch
The Bengaluru-headquartered startup has fully acquired Magzter, a New York-headquartered firm that counted Singapore Press Holdings among its backers. VerSe didn't disclose the financial terms of the deal. The acquisition of Magzter, which offers more than 8,500 magazine titles on its eponymous app, underscores VerSe's growing focus to reach and serve the affluent audience, VerSe co-founder Umang Bedi told TechCrunch in an interview. He termed the deal Verse's “largest” acquisition deal to date. Magzter has amassed over 1 million paying subscribers in India and boasts a global active user base of 87 million, Bedi said. The firm, which offers an all-you-can-consume model with annual subscription fees ranging from $20 to $30, has found a distribution and technology partner in VerSe, he added. Dailyhunt — valued at $5 billion and backed by CPP Investments, Ontario Teachers Pension Plan, Qatar Investment Authority, Carlyle Group, and Goldman Sachs — began evaluating the deal with M
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