DailyHunt parent VerSe to lay off 350 employees, focus on AI-led transformation
In FY24, VerSe saw a 51% reduction in its EBITDA burn, from Rs 1,448 crore in FY23 to Rs 710 crore. It projects more than 75% growth in its FY25 revenue
on Saturday said that it will undergo a structural alignment and reduce its workforce by approximately 350 roles this month.
“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 spokesperson at VerSe.
According to the press statement, the company will be focussed on an AI transformation with the automation of various manual processes to increase operational efficiency.
The company said that it continues to execute a focused strategy anchored in operational discipline, sustainable growth, and technological innovation.
The DailyHunt and Josh parent, will also focus on growing its revenue and profitability both organically and through strategic acquisitions, and position the company effectively towards going public in the future.
In FY24, VerSe saw a 51% reduction in its EBITDA burn, from Rs 1,448 crore in FY23 to Rs 710 crore, which it attributes to its strategic cost management, including reductions in service and marketing expenses. Its FY24 revenue stood at Rs 1,261 crore.
The company projects more than 75% growth in its FY25 revenue. “The company's growth strategy is bolstered by investments in AI-led tools and platforms, such as the AdTech platform NexVerse.ai, the subscription service Dailyhunt Premium in partnership with Magzter, and VerSe Collab, a platform for managing influencer campaigns,” the press statement read.
VerSe is backed by investors such as Goldman Sachs, Sequoia Capital India, CPP Investments, Ontario Teachers’ Pension Plan, Qatar Investment Authority, Carlyle Group, Google, and Microsoft.