Press Release April 22, 2022

Goodwin Advises Ontario Teachers’ on its Significant Investment in VerSe Innovation

The Hong Kong Private Equity team advised Ontario Teachers’ Pension Plan on its investment in VerSe Innovation as part of VerSe Innovation’s US$ 805 million funding round led by Canada Pension Plan Investment Board.

Ontario Teachers' Pension Plan is the administrator of Canada's largest single-profession defined benefit pension plan.

VerSe Innovation is India’s biggest local language technology platform. Its technology platform serves one out of every two internet users in India across ‘Josh’, India’s largest short video platform, ‘Dailyhunt’, India’s largest local language content platform, and ‘PublicVibe’, India’s fastest growing hyper local video platform. VerSe Innovation’s valuation reached approximately US$ 5 billion immediately following its latest funding round.

Global investors that participated in VerSe Innovation’s latest funding round included Canada Pension Plan Investment Board, Luxor Capital, Sumeru Ventures and others. Existing investors including Sofina Group, Baillie Gifford and others also participated north of their pro-rata in this round.

The Goodwin team was led by Edwin Chan and Abhishek Krishnan, and included Elena Yeung, Asmita Mishra, Eugena Tong and Koko Lam (Corporate); Jacob Osborn and Ce Li (Global Trade); and William Stern (Financial Industry).

For more details, read the press release.