CORPORATE
Dailyhunt parent company VerSe to slash around 350 jobs in automation drive
- IBJ Bureau
- May 18, 2025
VerSe Innovation, the parent company of content platform Dailyhunt and short video app Josh, has announced that it will cut approximately 350 jobs as a part of a broader restructuring effort that includes automating several manual processes to achieve efficiency and profitability by the end of this financial year.
The company is doubling down on automation to replace manual processes in line with global trends that favour leaner, tech-driven operations. The layoffs, the company has said, are a part of a “well-thought-through comprehensive plan” designed to align VerSe’s strategy and organisational structure with its long-term priorities and growth objectives.“Building on this momentum, VerSe Innovation projects over 75 per cent revenue growth in FY25, outpacing the anticipated 10 to 15 per cent growth rate of the Indian digital advertising sector,” a company spokesperson has said.
The projected growth is expected to be driven by the company’s recent AI-powered product initiatives, including NexVerse.ai, its AI-driven AdTech platform; Dailyhunt Premium, a subscription product launched in partnership with Magzter; and VerSe Collab, its influencer campaign management suite.
In FY24, VerSe hasd reported a 51 per cent reduction in EBITDA burn, bringing it down to Rs 710 crore from Rs 1,448 crore in FY23. This was largely attributed to significant cost-cutting in service and marketing expenditure. The company’s revenue for FY24 stood at Rs 1,261 crore.
However, the restructuring comes at a time when VerSe is under scrutiny for its financial governance. Less than a month ago, auditors from Deloitte Haskins & Sells had flagged several material weaknesses in the company’s internal financial controls for FY24.
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