DailyHunt parent VerSe Innovation reduces EBITDA burn by 51% in FY24
VerSe Innovation also said it is on track to achieve break-even in H2 2025, led by a combination of product innovation, AI-led automation, and revenue expansion.
Verse Innovation, the AI-driven tech company behind and Josh, on Wednesday said it reduced its EBITDA burn by 51% to Rs 710 crore in FY24.
This drop, according to the company, stems from reducing business promotion expenses by 65% to Rs 339 crore and lowering the cost of services by 16.85% to Rs 1,155 crore.
Meanwhile, in a statement, the company reported a 7% decline in operating revenue for FY24. The company said its total revenue fell from Rs 1,356 crore in FY23 to Rs 1,261 crore in the last fiscal year.
VerSe Innovation also said it is on track to achieve break-even in H2 2025, led by a combination of product innovation, AI-led automation, and revenue expansion. Its recent acquisitions, including Magzter (subscription-based content) and ValueLeaf (enterprise engagement solutions), are expected to drive monetisation and market expansion, it said in the statement.
Further, VerSe Innovation anticipates over 75% revenue growth in FY25, surpassing the 10–15% projected for India's digital ad industry, fueled by AI-driven innovation and diverse revenue streams, including NexVerse.ai for AdTech optimisation, Dailyhunt Premium for subscription-based content, Josh Audio for immersive storytelling, and VerSe Collab for influencer marketing.
With a proprietary AI-driven platform, VerSe Innovation serves over 350 million users, delivering personalised local language content on Dailyhunt and engaging short-form videos on Josh.
The company is backed by investors, including CPP Investments, Ontario Teachers’ Pension Plan, Qatar Investment Authority, Carlyle Group, Goldman Sachs, Sequoia Capital India, Google, and Microsoft.
Edited by Suman Singh