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Entrepreneur
19-05-2025
- Business
- Entrepreneur
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. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. 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 the Dailyhunt Premium-Magzter partnership, and VerSe Collab for influencer campaigns.
Economic Times
17-05-2025
- Business
- Economic Times
Dailyhunt parent VerSe to lay off 350 employees this month in push for profitability
Dailyhunt parent VerSe Innovation is laying off 350 employees this month as part of a broader strategy to accelerate investments in artificial intelligence (AI) and streamline drive this strategic transformation, VerSe will utilise AI for automating several manual processes to 'increase operational efficiency', the Bengaluru-based company said in a statement on initiatives are aimed at helping the company turn profitable by the end of this financial year. VerSe joins other content-led startups that have cut workforces this year. This includes Google-backed vernacular media platform ShareChat, which laid off 5% of its staff in January, and Lightspeed-backed Pocket FM that let go of 75 employees amid a push for profitability. 'VerSe Innovation has been undergoing a strategic transformation to build a more agile, focussed, and future-ready organisation…To build a more future-ready organisation where talent is cross-leveraged across business units and resources are directed towards growth segments, the company will streamline its workforce by approximately 350 roles this month,' the company said. 'Building on this momentum, VerSe Innovation projects over 75% revenue growth in FY25, outpacing the anticipated 10-15% growth rate of the Indian digital advertising sector,' it said. 'Operational and structural efficiencies and a focus on growth drivers are actions directed to make the company profitable by the end of this fiscal year.' The development was first reported by digital publication current layoffs come two and a half years after the company laid off 150 employees as a cost-cutting FY24, VerSe's operating revenue fell 6.7% to Rs 1,029 crore. The company however narrowed its net loss by 54% to Rs 889 crore. Last month, Deloitte flagged certain internal control weaknesses in VerSe's FY24 audit report. The auditor also noted that these material weaknesses did not impact its opinion on the consolidated financials. VerSe is backed by Canada Pension Plan Investment Board (CPPIB), Ontario Teachers' Pension Fund, James Murdoch's private investment firm Lupa Systems, and Z47 (formerly Matrix Partners). It has raised over $2 billion in funding since inception. VerSe last raised $805 million in a funding round led by CPPIB, valuing the company at $5 billion. In addition to news aggregator platform Dailyhunt, VerSe also runs short video app Josh, which was launched in 2020 after the Indian government banned Chinese social media company TikTok in the country.
Time of India
17-05-2025
- Business
- Time of India
Dailyhunt parent VerSe to lay off 350 employees this month in push for profitability
Dailyhunt parent VerSe Innovation is laying off 350 employees this month as it plans to accelerate investments in artificial intelligence (AI) and streamline operations, it said on Saturday. As part of this strategic transformation, the company will use AI to automate several manual processes to 'increase operational efficiency', according to a press statement. The Bengaluru-based company is taking these steps to achieve profitability by the end of this financial year. With these layoffs, VerSe Innovation joins other content-led startups that have reduced their headcount this year. This includes Google-backed vernacular media platform ShareChat, which laid off 5% of its workforce in January , and Lightspeed-backed Pocket FM that let go of 75 employees amid a push for profitability. 'VerSe Innovation has been undergoing a strategic transformation to build a more agile, focussed, and future-ready organisation…To build a more future-ready organisation where talent is cross-leveraged across business units and resources are directed towards growth segments, the company will streamline its workforce by approximately 350 roles this month,' it said. Live Events 'Building on this momentum, VerSe Innovation projects over 75% revenue growth in FY25, outpacing the anticipated 10-15% growth rate of the Indian digital advertising sector,' the company said. 'Operational and structural efficiencies and a focus on growth drivers are actions directed to make the company profitable by the end of this fiscal year.' Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The development was first reported by digital publication Entrackr. The current layoffs come two and a half years after the company had to let go of 150 employees as a cost-cutting measure. In the financial year 2024, VerSe Innovation's operating revenue stood at Rs 1,029 crore, down 6.7% from Rs 1,104 crore in FY23. The net loss for FY24 dropped 54% to Rs 889 crore. Last month, VerSe Innovation's auditor had flagged certain internal control weaknesses during the company's audit report for fiscal 2024. In its audit report, Deloitte also said that these material weaknesses did not impact its opinion on the consolidated financials. VerSe is backed by Canada Pension Plan Investment Board (CPPIB), Ontario Teachers' Pension Fund, James Murdoch's private investment firm Lupa Systems, and Z47 (formerly Matrix Partners) and has raised over $2 billion in funding since its inception. It had last raised $805 million in a funding round led by CPPIB, valuing the company at $5 billion. In addition to the news aggregator platform Dailyhunt, Verse Innovation also runs the short video app Josh, which was launched in 2020 after the central government banned Chinese social media company TikTok's operations in India.
The Hindu
02-05-2025
- Business
- The Hindu
Deloitte issues clean audit for VerSe Innovation's FY24 financial statements
VerSe Innovation, the parent company of content platform Dailyhunt and short-video app Josh, has received a clean opinion from Deloitte on its consolidated financial statements for the financial year 2024. Deloitte, which serves as the auditor for the company, confirmed that the financial statements present a 'true and fair view' of the company's financial position. A VerSe Innovation spokesperson stated, 'Deloitte has issued a True and Fair view of our FY24 Consolidated Financial Statements. While Deloitte identified control weaknesses, their report confirmed these findings do not impact their opinion on the Financial Statements. We are committed to strengthening our controls and remain confident in our plan to achieve break-even in the second half of this fiscal year.' According to MCA filings, Deloitte noted: ''We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Consolidated Financial Statements of the Company for the year ended March 31, 2024, and these material weaknesses do not affect our opinion on the said Consolidated Financial Statements of the Company.' VerSe Innovation said its proprietary technology platform powers over 350 million users to consume content in their local language on Dailyhunt, and also powers the short-video app Josh.
Time of India
28-04-2025
- Business
- Time of India
Dailyhunt parent faces audit heat; Go Digit Q4 results
Dailyhunt parent faces audit heat; Go Digit Q4 results Also in the letter: Deloitte flags lapses in Dailyhunt parent VerSe Innovation's FY24 accounts Issues raised: Catch up quick: Deloitte highlighted inadequate controls over supplier selection, purchase approvals, and payments. It flagged a Rs 35-crore claim related to unexplained supplier invoices. CFO Sandip Basu has reportedly resigned on account of health issues. FY24 results: Way ahead: Go Digit General Insurance doubles net profit in Q4 FY25 Financial highlights: Gross written premium: Rose to Rs 2,576 crore, up from Rs 2,335 crore in FY24. Rose to Rs 2,576 crore, up from Rs 2,335 crore in FY24. Total expenses: Increased to Rs 2,426 crore from Rs 2,198 crore in Q4 FY24. Increased to Rs 2,426 crore from Rs 2,198 crore in Q4 FY24. Total income: Grew to Rs 2,855.1 crore from Rs 2,692.5 crore in Q4 FY24. Grew to Rs 2,855.1 crore from Rs 2,692.5 crore in Q4 FY24. Solvency ratio: Improved to 2.24 from 1.61 year-on-year. Company details: India blocks Pakistani YouTube channels after Pahalgam terror attack The channels: Tell me more: What else: Also Read: ETtech Explainer: Why Zepto founders are taking personal debt to boost Indian ownership But why: Byju's, which pursued a similar strategy, defaulted and now faces insolvency proceedings. Pharmeasy, another startup with pledged founder shares, saw its valuation slashed by over 90%. Broader strategy: Ultrahuman in talks with WestBridge to raise $100-120 million after SoftBank deal falls through Deal details: Previous attempt: Performance and outlook: Audit firm Deloitte has raised multiple red flags over VerSe Innovation's FY24 finances. This and more in today's ETtech Top 5.■ India's Pak YouTube crackdown■ Ultrahuman eyes fresh dough■ Zepto founders' debt play, explainedDeloitte has identified issues in the internal controls of VerSe Innovation – the parent company of Dailyhunt and Josh – for the financial year ending March 31, 2024, stating that these lapses could potentially lead to material misstatements across the company's audit firm said VerSe did not have appropriate internal controls over the selection and evaluation of suppliers, approval of purchase orders and invoices, and could result in 'material misstatement in the company's trade payables and expense account balances and preferential payments to suppliers including misappropriation, it loss reduced by 54% to Rs 889 crore; Operating revenue largely flat at Rs 1,029 response to the auditor's remarks, VerSe Innovation said the company was strengthening its processes by conducting a 'detailed workshop on the best practices and checklists' that will be followed by all the relevant Goyal, founder, Go Digit General InsuranceGo Digit General Insurance reported a strong financial performance for the fourth quarter of FY25 (Q4 FY25), with net profit doubling to Rs 115.6 crore, compared to Rs 52.6 crore in the same period last in 2017, Go Digit provides a broad range of insurance products across the motor, health, travel, property, marine, and liability lines. It listed on the stock exchange on May 23, Monday, Go Digit's shares closed 3.8% higher on the BSE, finishing the day at Rs has banned several Pakistan-based YouTube channels following heightened tensions between the two countries after the Pahalgam terrorist attack on April ban targeted 16 channels, including those operated by Dawn News, Samaa TV, ARY News, and Geo News. Other blocked channels include The Pakistan Experience podcast and ones owned by cricket analyst Wasay Habib and journalists Syed Muzammil and Arzoo Kazmi. Collectively, these channels boast over 63 million Ministry of Home Affairs (MHA) recommended the ban, accusing the channels of spreading provocative, false, and misleading content, including narratives against India, its Army, and its security tensions escalated, India took further steps by holding the Indus Water Treaty 'in abeyance', closing its borders, cancelling visas for certain Pakistani nationals, and expelling response, Pakistan cancelled the Simla Agreement, halted trade with India, and restricted Indian flights in its Palicha and Kaivalya Vohra, founders, ZeptoZepto promoters Aadit Palicha and Kaivalya Vohra plan to raise Rs 1,500 crore in personal debt as their quick commerce player gears up for an Indian stock market company aims to comply with India's FDI norms before the IPO. While India permits 100% FDI in online marketplaces, online inventory sales are restricted to companies with majority Indian ownership. To qualify as an Indian-Owned and Controlled Company (IOCC), a firm must have at least 50% Indian debt Palicha and Vohra are adopting a rare approach for high cash-burn startups — pledging their founder is also close to finalising a $250-million secondary sale led by private equity firms. Combined with the founders' planned stake purchase, these moves are expected to boost Indian ownership in Zepto by 8–10%.Mohit Kumar, CEO, UltrahumanUltrahuman is in advanced discussions with WestBridge Capital to secure a fresh investment of $100–120 finalised, the funding round could value the Bengaluru-based wearables startup at approximately $500–550 million. The company plans to deploy the capital towards international expansion had previously explored a $35–40 million funding round with SoftBank, which ultimately fell through due to disagreements over the round size and company valuation.'At the time of the SoftBank discussions, which was more than seven to eight months ago, the company's scale was different. SoftBank proposed a smaller round at a lower valuation, which Ultrahuman disagreed with,' said a source familiar with the its January report, Ultrahuman posted sixfold year-on-year revenue growth in 2024, with an average profit before tax (PBT) margin of 11%. It expects PBT margins to rise to 20% as it expands its product range, launches new trials and expansion centres, and scales up its Texas UltraFactory.
