VerSe Innovation Acquires NewsHunt App Developer - Eterno Infotech
Ver Se Innovation has acquired Bangalore based Eterno Infotech - the company behind the popular mobile news application NewsHunt, according to Medianama.
With this, Rediff has exited Eterno, having initially acquired an undisclosed stake in Eterno in 2008. This acquisition will provide VerSe an entry into the mobile web space.
According to Eterno Founder Chandrashekhar Sohoni, Newhunt has over 10Mn downloads from the web, including around 5.5Mn from GetJar, and has pre-embedding partnerships with Nokia and Micromax.
NewsHunt aggregates Indian newspapers in 10 different languages. Newspapers they’ve tied up with include Dainik Jagran, Dainik Bhaskar, Eenadu, Prajavani, Deccan Herald, Dainik NavaJyoti, Dinamalar, The New Indian Express, Andhara Prabha, Indian Express, Lok Satta, Kannada Prabha, Divya Bhaskar, Mathrubhoomi and Malayala Manorama.
Founded in 2007, Verse Innovation reaches out to a universe of 390 Mn plus mobile users through it's multiple suite of utility services. VerSe primarily provides job classifieds alerts on the mobile, for which consumers pay a subscription fee of around R30 per month, through their telecom operator partners.
OnMobile incubated the company in 2007, with a total investment of R5.5Cr for 51% stake. It part exited VerSe by selling 8% stake in the company for about R10Cr in October'10. Verse also raised R20Cr from Matrix Partners in 2009.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 2012-03-15 | Eterno Infotech - VerSe Innovation | M&A |
VerSe Innovation Private Limited |
- |
| 2008-11-11 | Eterno Infotech - Rediff.com India Ltd. | M&A |
Rediff.com India Limited |
- |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/2013 | M&A | Aditi Technologies Private Limited | Get Cloud Ready Technology Consulting (India) Private Limited | - | Completed |
| 14/05/2013 | M&A | 8K Miles Software Services Limited | FuGen Solutions | 7.50 | Completed |
| 07/05/2013 | M&A | Global Edge Software Limited | Dearborn Electronics India Private Limited | - | Completed |
| 06/05/2013 | M&A | Pramati Technologies Private Limited | WaveMaker | - | Completed |
Company | ||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Eterno Infotech Private Limited |
Chandrashekar Sohoni Umesh B Kulkarni |
35/1, Prerana Chambers, Vasavi Temple Road, V V Puram, Basavangudi, Bangalore - 560004, INDIA. |
NetCore Solutions Private Limited VerSe Innovation Private Limited |
http://www.eternoinfotech.com |
| Rediff.com India Limited | Ajit Balakrishna | 1st Floor, Mahalaxmi Engg Estate LJ First, Cross Road, Mahim (W). |
Net4 India Limited Ideacts Innovations Private Limited Times Internet Limited |
http://www.rediff.com |
| VerSe Innovation Private Limited |
Virendra Kumar Gupta Shailendra Kumar Sharma |
'The Ivy', No. 692, 16th Main, 6th 'A' Cross, 3rd Block, Koramangala |
Eterno Infotech Private Limited Quikr India Private Limited Sulekha.com New Media Private Limited NetCore Solutions Private Limited |
http://www.verseinnovation.com |
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