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Alibaba considers 10% stake in Indian news aggregator for $500M

Published 02/23/2018, 08:34 AM
© Reuters.  Alibaba considers 10% stake in Indian news aggregator for $500M
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  • Alibaba (NYSE:BABA) could pick up a 10% to 12% stake in Dailyhunt for around $500M, according to Livemint sources.
  • The Indian news aggregator and e-bookstore has Sequoia Capital backing and has raised $66.6M in total funding to date.
  • Dailyhunt says it has more than 50M users spending over 6B minutes on the service every month. App installs top 155M with 100K news articles in 14 languages and 800 publication partners each day.
  • Dailyhunt previously raised $25M in Series D funding led by Chinese content service provider ByteDance.
  • Alibaba’s footprint in India includes leading a recent $300M round in online grocer BigBasket.
  • Alibaba shares are up 0.8% premarket to $190.30 with a 52-week range of $101.30 to $206.20.
  • Previously: Venture capital deals of the week (Feb. 3)
  • Now read: Shorting Alibaba A Bad Bet Done For The Wrong Reasons


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