Matrix backed Dailyhunt raises Series D led by ByteDance - Z47 (fka Matrix Partners India)
Summary
Through its platform, it provides the widest collection of regional language content in form of news, eBooks, magazines, comics and videos.Zhang Yiming, Founder and CEO of ByteDance, said, "Dailyhunt is serving a huge unmet need of providing local language content to Indian mobile users and has grown with its localized approach ad business model. Toutiao in China along with TopBuzz in the U.S. and Brazil are news apps that make personalized content recommendation based on algorithms. Born to revolutionize the information distribution industry, our applications utilize large scale machine learning and cutting-edge data mining technologies to present contents based on the users interests. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Mswipe (mobile POS), LimeRoad (mobile social commerce marketplace), Stayzilla (short-term accommodations marketplace), Finomena (consumer lending) and Myra (online medicine delivery) among others. Matrix Partners has a global network of funds investing in the US, China and India with US$ 4B under management.