Home / Companies / News / Local language tech platform VerSe Innovation's valuation crosses $5 bn

Local language tech platform VerSe Innovation's valuation crosses $5 bn

The investment will be focused on strengthening the company's leadership position in the country. VerSe plans to both deepen and broaden its AI and ML (machine learning) and data science capabilities

Premium

VerSe Innovation co-founders Umang Bedi (left) and Virendra Gupta

3 min read Last Updated : Apr 06 2022 | 9:10 AM IST

VerSe Innovation, India’s biggest local language technology platform, said it has raised and signed definitive documents for $805 million in the latest funding rounds from marquee global investors which will raise the firm’s valuation to $5 billion.

Canada Pension Plan Investment Board (CPP Investments), Ontario Teachers’ Pension Plan Board (Ontario Teachers’), Luxor Capital, Sumeru Ventures and others participated in the round, and CPP Investments led the round with $425 million investment. Existing investors Sofina Group, Baillie Gifford and others will also participate north of their pro-rata in this round.

The firm was earlier valued at $3 billion. VerSe Innovations is the parent

Topics : technology industry fundings Avendus Capital

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in