VerSe to Cut 350 Jobs as It Focuses on AI and Future Growth

VerSe Innovation, the parent company of Dailyhunt and Josh, has announced that it will be laying off around 350 employees this month. The company says this move is part of a larger strategy to invest in Artificial Intelligence (AI) and make its operations more efficient in the long run.

This is the first major layoff at VerSe in over two and a half years. The last time the company reduced staff was when it cut 150 jobs to lower costs.

“This decision is part of a well-planned transformation. We’re focusing on investing in AI, simplifying how we work, and aligning our team with our future goals,” a VerSe spokesperson said in a press release.

Why the Layoffs Are Happening

VerSe CEO Umang Bedi recently shared that the company is now using AI across its platforms. This includes AI-generated content recommendations and tools to make content more engaging and accessible. These changes are helping the company save money by automating repetitive tasks and aim to make VerSe profitable by the end of this year.

In FY24, VerSe managed to reduce its losses (EBITDA burn) by 51%—from Rs 1,448 crore in FY23 to Rs 710 crore. This was mainly because of better cost management, especially in services and marketing.

The company earned Rs 1,261 crore in total revenue in FY24. It now expects over 75% revenue growth in FY25, which is well above the 10–15% growth expected in India’s digital ad market.

What’s Fueling the Growth?

VerSe is placing big bets on AI-based platforms to drive its future, including:
NexVerse.ai – its own AdTech platform
Dailyhunt Premium – a paid subscription service in partnership with Magzter
VerSe Collab – a platform that helps brands manage influencer campaigns

The company also plans to acquire other businesses and eventually go public (IPO) in the future. In simple terms, VerSe is cutting jobs to invest more in AI, reduce costs, and become profitable faster. While it's a difficult time for the affected employees, the company says these changes are necessary to ensure long-term success and growth