Dailyhunt Parent VerSe Innovation to Lay Off 350 Employees Amid AI-Led Restructuring
- VerSe Innovation will lay off 350 employees this month as part of a strategic shift to AI-led operations and a push for profitability by FY25.
- The company has cut its EBITDA loss by 51% in FY24 and is investing in AI platforms like NexVerse.ai and Dailyhunt Premium to fuel future growth.
VerSe Innovation, the Bengaluru-based parent company of Dailyhunt and short-video platform Josh, is set to lay off 350 employees this month as part of a sweeping restructuring effort aimed at improving operational efficiency and driving profitability.
The move comes amid the company’s strategic pivot toward artificial intelligence (AI), with a renewed focus on automation and high-growth product areas.
In a statement issued Saturday, a VerSe spokesperson said the company is undergoing a “strategic transformation to build a more agile, focused, and future-ready organisation.”
The restructuring plan includes heavy investments in AI technologies and aligning the company’s structure with long-term goals. As part of this, VerSe said it is automating several manual processes to keep pace with global digital transformation trends.
Noting that talent will be cross-leveraged across business units to maximize resource utilization, the spokesperson added:
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“The company will streamline its workforce by approximately 350 roles this month.”
VerSe emphasized that the restructuring is part of a broader roadmap to achieve profitability by the end of FY25. The company has already made significant strides, cutting its EBITDA loss by 51% in FY24, from ₹1,448 crore to ₹710 crore, thanks to tighter cost controls in service and marketing expenses.
Looking ahead, VerSe is doubling down on its AI vision. Recent initiatives include the launch of:
- NexVerse.ai, an AI-driven AdTech platform
- Dailyhunt Premium, a subscription service launched in collaboration with Magzter
- VerSe Collab, an influencer campaign management tool
These AI-led offerings are part of a broader strategy to accelerate monetization, diversify revenue streams, and modernize digital content delivery.
Despite ongoing layoffs, VerSe maintains a bullish outlook, projecting over 75% revenue growth in FY25, a stark contrast to India’s broader digital advertising sector, which is expected to grow at a modest 10–15%.
Edited by Harshajit Sarmah
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