VerSe Innovation to Lay Off 350 Employees Amid Strategic AI-Driven Overhaul
The company aims to become profitable by the end of the year, leveraging AI to automate manual processes and reduce costs.
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VerSe Innovation, the parent company of Dailyhunt and Josh, announced on Saturday that it will reduce its workforce by approximately 350 roles this month as part of a strategic transformation aimed at aligning operations with long-term business priorities. This marks the company's first major layoff since it let go of 150 employees over two years ago.
"This strategic transformation is a part of a well thought through comprehensive plan and is geared at accelerating investments in AI, streamlining operations, and taking concerted actions to align the company's strategy and structure to its long-term priorities and growth," said a company spokesperson in a press statement.
CEO Umang Bedi recently told Entrackr that VerSe has integrated artificial intelligence across its content ecosystem. "We are using AI for large-scale recommendations and generative AI to enhance accessibility, engagement, and monetisation," he said.
The company aims to become profitable by the end of the year, leveraging AI to automate manual processes and reduce costs. VerSe is also eyeing strategic acquisitions and revenue growth opportunities in preparation for a potential IPO.
In FY24, VerSe reduced its EBITDA burn by 51% to INR 710 crore from INR 1,448 crore in FY23, driven by tighter cost control, including cuts in service and marketing spends. The company reported total revenue of INR 1,261 crore for the fiscal year.
Looking ahead, VerSe expects over 75% revenue growth in FY25—well above the industry average of 10–15%—driven by its AI investments and platforms like AdTech venture NexVerse.ai, the Dailyhunt Premium-Magzter partnership, and VerSe Collab for influencer campaigns.
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