New Delhi— VerSe Innovation, the parent company of content aggregator Dailyhunt and short-video platform Josh, is set to lay off around 350 employees this month as part of a major restructuring initiative aimed at streamlining operations and driving profitability.
The company announced Saturday that the layoffs are part of a broader strategic transformation focused on building a more agile and future-ready organization, with a strong emphasis on artificial intelligence (AI) and operational efficiency.
“This restructuring is part of a well-thought-out plan that includes substantial investments in AI, realigning our structure with long-term goals, and concentrating resources on high-growth areas,” a VerSe spokesperson said in a statement.
As part of this overhaul, VerSe is automating several manual processes to enhance efficiency and better align with global digital trends. The company noted that workforce optimization efforts would be complemented by cross-functional deployment of talent across business units to ensure better resource utilization.
VerSe emphasized that the restructuring is designed to help the company achieve profitability by the end of fiscal year 2025. In FY24, the company made notable progress toward that goal, reducing its EBITDA loss by 51%—from ₹1,448 crore in FY23 to ₹710 crore—largely due to strategic cost-cutting measures, including reductions in service and marketing expenses. Total revenue for FY24 stood at ₹1,261 crore.
Despite the workforce reduction, VerSe remains optimistic about its growth outlook. The company is forecasting more than 75% revenue growth in FY25, significantly outpacing the projected 10–15% growth in India’s broader digital advertising sector.
This bullish forecast is supported by recent investments in AI-driven platforms and tools, including its new AdTech venture NexVerse.ai, the subscription-based Dailyhunt Premium (developed in partnership with digital magazine platform Magzter), and VerSe Collab, an influencer marketing and campaign management solution.
The restructuring and AI-centric strategy mark a new chapter for VerSe as it seeks to solidify its position in India’s fast-evolving digital content and advertising landscape. (Source: IANS)
