360 One valued its investment in VerSe Innovation at approximately $2.9 billion in a June 2024 investor update, according to a report by TechCrunch. That figure is about 42% below VerSe’s approximately $5 billion post-money valuation from its April 2022 funding round.
But this does not mean VerSe officially raised money at $2.9 billion, nor does it prove that every shareholder now values the company at that level. It was an investor-specific mark on 360 One’s roughly 2% holding in the privately held company.
What happened to VerSe’s valuation?
360 One’s June 2024 update reportedly assigned a value of about $2.9 billion to its investment in VerSe Innovation, the Bengaluru-based parent of Dailyhunt and Josh. TechCrunch reported the figure on August 30, 2024, after reviewing the internal investor document.
Compared with VerSe’s last reported financing valuation of approximately $5 billion, the difference is about $2.1 billion:
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- Last reported financing valuation: approximately $5 billion
- 360 One’s marked valuation: approximately $2.9 billion
- Difference: approximately $2.1 billion
- Reduction relative to $5 billion: approximately 42%
The calculation is approximate because both figures are reported as approximate and may reflect different valuation methods, share classes, investor rights and currency assumptions.
Why $2.9 billion is not necessarily VerSe’s official valuation
The most important distinction is between a portfolio valuation mark and a new market transaction.
A private-company financing valuation is generally based on the price investors pay for shares in a funding round. By contrast, a portfolio investor may periodically estimate the fair value of an existing holding for fund reporting, accounting, risk management or internal investment purposes.
360 One’s figure was not reported as:
- A new VerSe funding round
- A public-market share price
- A disclosed sale of 360 One’s stake
- A company-wide valuation accepted by every shareholder
- A liquidation or acquisition price
VerSe said it had not conducted a price-discovery financing round since April 2022 and that most investors continued to carry the company at the previous approximately $5 billion valuation. As of the available information cutoff of August 16, 2026, the sources reviewed do not establish that VerSe completed a later equity financing or independently verifiable transaction that replaced that benchmark.
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Accordingly, the most accurate description is: 360 One marked its VerSe investment at approximately $2.9 billion, around 42% below the company’s last reported financing valuation.
How private investors can value the same company differently
Private-company valuations can diverge because investors may use different assumptions about growth, profitability, liquidity and future financing prospects. A mark may be influenced by:
- Valuations of comparable publicly traded companies
- Changes in interest rates and technology-stock multiples
- Revenue growth and advertising monetisation
- Cash burn, profitability and expected runway
- The likelihood and terms of a future funding round
- Recent secondary-market transactions
- Different share classes, liquidation preferences and other investor rights
The available report did not disclose whether 360 One used comparable-company multiples, a discounted cash-flow model, a recent secondary transaction, company-provided information or another fair-value methodology. It would therefore be speculative to claim that the markdown was caused by losses, weaker user growth or financial distress.
What VerSe said in response
VerSe disputed the suggestion that the company’s overall value had fallen by 42%. A company spokesperson said that:
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- Revenue had grown by more than two times since the April 2022 financing round.
- Burn had declined by more than three times.
- Only a “very small minority investor” had marked down its holding.
- Most investors still carried VerSe at approximately $5 billion.
These are statements from VerSe and were not independently verified in the TechCrunch report. They also do not, by themselves, establish the company’s current fair value. A business can improve revenue and reduce burn while its valuation multiple falls because private-market or public-market comparables have weakened.
VerSe’s $5 billion financing benchmark
In April 2022, VerSe announced an $805 million Series J financing round at an approximately $5 billion post-money valuation. Coverage from Business Standard and Business Today identified investors including CPP Investments, Ontario Teachers’ Pension Plan, Luxor Capital, Sumeru Ventures, Sofina and Baillie Gifford.
That $5 billion figure was a negotiated valuation attached to the 2022 share issuance. It was not a guarantee that VerSe could later sell the entire company for $5 billion, and it was not necessarily refreshed continuously between funding rounds.
What VerSe does
VerSe Innovation operates products aimed at India’s local-language and next-billion internet-user markets:
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- Dailyhunt: a news and local-language content aggregation platform.
- Josh: a short-video platform.
Josh was reported to have more than 150 million monthly active users in 2022. That is a dated figure and should not be treated as a current user count.
In August 2024, VerSe also acquired digital-marketing firm Valueleaf. Coverage by Entrackr said the deal was intended to strengthen VerSe’s revenue and advertising-technology capabilities. The available evidence does not establish that the acquisition caused, or was caused by, 360 One’s valuation mark.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The wider private-market context
360 One’s update also reportedly assigned values to other private-company holdings, including:
| Company | Reported value |
|---|---|
| Swiggy | Approximately $11.5 billion |
| Pine Labs | Approximately $4 billion |
| Licious | Approximately $900 million |
| upGrad | Approximately $1.9 billion |
The broader pattern suggests that 360 One was actively reassessing private-company holdings. TechCrunch also cited markdowns by Fidelity for companies including X and Gupshup. Those businesses have different markets, capital structures and operating profiles, so the comparisons provide context rather than proof that VerSe faced identical conditions.
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What the markdown does—and does not—show
What it does show
- One institutional investor considered its VerSe holding worth materially less than the last funding-round benchmark.
- The approximately $5 billion valuation may have become stale as a universal reference point.
- Private-company shareholders can carry materially different values for the same business.
- Investor marks may reflect changes in market multiples or risk assumptions even without a new funding round.
What it does not show
- That VerSe’s revenue fell 42%.
- That users fell 42%.
- That the company’s enterprise value definitively fell 42%.
- That VerSe raised money at a $2.9 billion valuation.
- That 360 One sold its stake.
- That VerSe faced a cash shortage, distressed financing, imminent sale or shutdown.
- That every investor marked down its VerSe position.
What remains unknown
The available reporting does not establish:
- Why 360 One arrived at the $2.9 billion figure.
- Whether other shareholders made similar markdowns.
- VerSe’s independently verified current revenue, losses, cash reserves or runway.
- Whether Dailyhunt and Josh’s user trends changed after the 2022 figures were reported.
- Whether VerSe completed a later equity, debt or secondary transaction that would provide a new price reference.
Those unanswered questions matter because a valuation mark alone cannot separate operational performance from changes in the market’s willingness to pay for growth.
Bottom line for investors and employees
The 360 One note is a meaningful negative signal, but the headline needs careful interpretation. It documents a substantial markdown by one investor against VerSe’s last reported financing benchmark; it does not establish that VerSe’s company-wide value officially collapsed by 42%.
The clearest reading is that 360 One valued its own VerSe investment at approximately $2.9 billion while VerSe said most investors still used the approximately $5 billion valuation from April 2022. Until a later financing, sale or broader set of investor marks provides stronger price discovery, neither figure should automatically be treated as VerSe’s definitive current market value.
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