The India based social platform company VerSe Innovation has announced a new $805 million funding round at a $5 billion valuation. VerSe runs popular apps DailyHunt and Josh, the later of which has seen skyrocketing growth after India banned a list of Chinese apps that included TIkTok.
I think this is a great example of tech protectionism at work. India’s ban on TikTok in June of 2020 created a great opportunity for domestic tech players to capture home markets without the intense competition from U.S. and Chinese tech giants. Tech protectionism may not be a long term answer to competition problems but in this example, I think we see how this can foster a burgeoning domestic tech scene and boost local economies.
#Josh #technews #indiatech
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