Dailyhunt parent VerSe Innovation to lay off 350 amid broader restructuring

New Delhi, May 17 (IANS) VerSe Innovation, the parent company of content platform Dailyhunt and short-video app Josh, is set to lay off approximately 350 employees this month as part of a broader restructuring effort.

The move is aimed at streamlining operations, boosting efficiency, and driving profitability as the company accelerates its focus on artificial intelligence (AI).

In a statement on Saturday, a company spokesperson said that VerSe Innovation is undergoing a “strategic transformation to build a more agile, focused, and future-ready organisation.”

“The restructuring is part of a broader, well-thought-out plan that includes investing heavily in AI, aligning the company's structure with long-term goals, and focusing resources on high-growth areas,” the spokesperson added.

As part of the overhaul, VerSe is automating many manual processes to improve operational efficiency and keep pace with global digital trends.

“The company will streamline its workforce by approximately 350 roles this month,” the spokesperson said, adding that talent will be cross-leveraged across business units to ensure better utilisation of resources.

The company emphasised that these measures are designed to pave the way for profitability by the end of FY25.

In FY24, VerSe made significant progress on this front, slashing its EBITDA loss by 51 per cent -- from Rs 1,448 crore in FY23 to Rs 710 crore.

It attributed this reduction to strategic cost management, including cutting down on service and marketing expenses. Total revenue for FY24 stood at Rs 1,261 crore.

Looking ahead, VerSe is optimistic about its growth trajectory. It projects over 75 per cent revenue growth in FY25, far outpacing the estimated 10-15 per cent growth expected in India’s digital advertising sector.

This bullish outlook is backed by investments in new AI-led tools and platforms, including its AdTech initiative NexVerse.ai, the subscription-based Dailyhunt Premium (launched in partnership with Magzter), and VerSe Collab, which supports influencer campaign management.

--IANS

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