Baillie Gifford, a British investment firm, has scaled back its valuation of Dailyhunt, a news aggregator platform based in Bengaluru, by nearly 90% to around $576 million as of August 31, 2023. This reduction is attributed to the firm's fund, Schiehallion, which holds a 1.3% stake in VerSe Innovation, the parent company of Dailyhunt. The fair value of Baillie Gifford's investment in VerSe Innovation is listed at $7.47 million, indicating a total company valuation of approximately $576 million. This valuation represents a significant decrease from the peak of $5 billion in 2022, reflecting potential revenue pressures within the company.
Key points
Baillie Gifford's investment in Dailyhunt has been scaled back by nearly 90%.: Baillie Gifford's investment in Dailyhunt has been scaled back by nearly 90%.
The firm's valuation of Dailyhunt is now approximately $576 million.: The firm's valuation of Dailyhunt is now approximately $576 million.
The fair value of Baillie Gifford's investment in VerSe Innovation is $7.47 million.: The fair value of Baillie Gifford's investment in VerSe Innovation is $7.47 million.
Sources checked by our analysis pipeline: 1
Bengaluru: A fund managed by British investment firm Baillie Gifford has slashed the fair value of news aggregator platform Dailyhunt’s Bengaluru-based parent company, VerSe Innovation, by nearly 90% to about $576 million as of August 31, compared to its peak valuation of $5 billion in 2022.The Schiehallion Fund pegged the fair value of its 1.3% holding in VerSe Innovation at $7.47 million, according to its portfolio disclosures reviewed by ET,
Business NewsTechStartupsBritish investor Baillie Gifford fund marks down Dailyhunt parent amid revenue pressures
British investor Baillie Gifford fund marks down Dailyhunt parent amid revenue pressures
Synopsis
The Schiehallion Fund pegged the fair value of its 1.3% holding in VerSe Innovation at $7.47 million, according to its portfolio disclosures reviewed by ET, implying a total company valuation of roughly $576 million.
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