VerSe Innovation, the parent firm of content platform Dailyhunt and short-video app Josh, is set to lay off around 350 employees this month as part of a larger restructuring effort to improve profitability and advance its focus on artificial intelligence (AI).
The company explained that it is streamlining operations, optimizing talent across various business units, and focusing resources on high-growth areas as part of its ongoing efforts.
“VerSe Innovation has been undergoing a strategic transformation to build a more agile, focused, and future-ready organisation,” a company spokesperson said.
“This strategic transformation is geared at accelerating investments in AI, streamlining operations, and aligning the company’s strategy and structure to its long-term priorities and growth,” the statement added.
The layoffs are part of VerSe’s efforts to automate manual processes, reduce operational costs, and improve structural efficiency as it targets profitability by the end of FY25.
VerSe Innovation’s updated financial report shows that the company generated an operating revenue of ₹1,029 crore in FY24, a decline from ₹1,104 crore in the previous year. It also reduced its net loss to ₹889 crore in FY24, down from ₹1,909.7 crore in FY23.
However, VerSe had earlier reported a different FY24 figure, stating ₹1,261 crore in operating revenue and an EBITDA loss of ₹710 crore.
Looking ahead, VerSe projects over 75% revenue growth in FY25—significantly outpacing the estimated 10–15% growth in India’s digital advertising market. This anticipated surge stems from several key initiatives.
Notably, the company is advancing AI-powered platforms such as NexVerse.ai, launching a subscription-based service called Dailyhunt Premium in partnership with Magzter, and expanding VerSe Collab, a platform designed to manage influencer campaigns.
In April 2022, VerSe Innovation raised $805 million in a funding round led by the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan Board, which valued the company at around $5 billion. So far, VerSe has secured over $2 billion across multiple funding rounds and has been preparing to launch an initial public offering (IPO) this year.
VerSe Innovation is actively restructuring its operations to improve profitability, while also sharpening its focus on high-growth segments like AI and positioning itself for future expansion. By reducing costs, streamlining talent, and investing in strategic initiatives, the company aims to strengthen its financial performance and ultimately sustain long-term growth.
