diff --git a/VERSION b/VERSION
index 4739e72152..b705c77e56 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-23.12.4
\ No newline at end of file
+24.2.1
\ No newline at end of file
diff --git a/core/migrations/0047_increment_version.py b/core/migrations/0047_increment_version.py
new file mode 100644
index 0000000000..3740abc00d
--- /dev/null
+++ b/core/migrations/0047_increment_version.py
@@ -0,0 +1,18 @@
+# Generated by Django 4.2.7 on 2024-01-31 18:04
+
+from django.db import migrations
+
+
+def update_version(apps, schema):
+    Constants = apps.get_model("core", "Constants")
+    version = Constants.objects.get(key="version")
+    version.value = "24.2.1"
+    version.save()
+
+
+class Migration(migrations.Migration):
+    dependencies = [
+        ("core", "0046_repository_coverage_enabled"),
+    ]
+
+    operations = [migrations.RunPython(update_version)]