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DailyHunt parent VerSe Innovation reports 13% decline in operating revenue for FY24

YourStory

YourStory · 7m ago

DailyHunt parent VerSe Innovation reports 13% decline in operating revenue for FY24

Verse Innovation, the AI-driven company behind DailyHunt and Josh, reported a 13% decline in revenue for FY24, totaling Rs 1,261 crore. However, it reduced EBITDA burn by 51% to Rs 710 crore through cost-cutting measures. The company aims to break even by H2 2025, driven by innovation and AI automation. Recent acquisitions like Magzter and ValueLeaf are expected to enhance monetization and market reach, with projected revenue growth of over 75% in FY25.

Related News

Dailyhunt's Parent VerSe bets on adtech to turnaround fortunes

Inc42 · 1y ago

Dailyhunt's Parent VerSe bets on adtech to turnaround fortunes

Parent company VerSe Innovation, which owns news aggregator DailyHunt and short video platform Josh, has found ways to improve revenue. VerSe recently acquired adtech company Valueleaf Services, which will enhance its digital advertising and marketing capabilities. VerSe has been focusing on diversifying its revenue streams, with Josh generating revenue from commerce offerings and DailyHunt seeing growth in digital advertising revenue. While exact figures were not disclosed, VerSe reported doubling its revenue and reducing losses by 50% in FY24. The company aims to increase revenue and improve profitability through these acquisitions.

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23

IndianStartupNews

IndianStartupNews · 2y ago

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23

VerSe Innovation, the parent company of Dailyhunt and Josh, has reported a 57% year-on-year growth in revenue for the fiscal year 2022-23. The company's total revenue surged to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore and non-operating revenue at Rs 352 crore. Dailyhunt achieved a positive EBITDA status with revenue surpassing Rs 1,200 crore, while Josh reported an annual recurring revenue (ARR) exceeding Rs 300 crore. VerSe successfully reduced its costs by 34% and raised $805 million in its Series J funding round.

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%

Entrackr

Entrackr · 2y ago

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%

VerSe Innovation, the parent company of Dailyhunt and Josh, reported a 57% increase in revenue and a 34% decrease in losses in FY23. The company's total revenue increased to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore. Dailyhunt generated over Rs 1,200 crore in revenue and achieved positive EBITDA, while Josh monetized in H2 FY23 with an ARR of over Rs 300 crore. VerSe effectively controlled expenses, with cost of services accounting for 45% and business promotional expenses decreasing by 22%.

VerSe Innovation appoints Rohit Sandal as CHRO

YourStory

YourStory · 3m ago

VerSe Innovation appoints Rohit Sandal as CHRO

VerSe Innovation, the parent of Dailyhunt, has appointed Rohit Sandal as Chief Human Resources Officer after Maya John stepped down. Sandal brings experience from Freshworks, Lenovo, and Dell. This appointment comes after VerSe laid off 350 employees to enhance profitability. The company aims for breakeven in the fiscal year's second half through its products like NexVerse.ai and Dailyhunt Premium. In FY24, VerSe's revenue declined by 7%, attributed to a sluggish advertising market.

DailyHunt parent VerSe innovation spent INR 2.5 to earn every rupee In FY23

Inc42 · 1y ago

DailyHunt parent VerSe innovation spent INR 2.5 to earn every rupee In FY23

VerSe Innovation, the parent company of DailyHunt and Josh, reported a net loss of INR 1,909.7 Cr in FY23, a 25% reduction from the previous fiscal year. The company's operating revenue soared 51% to INR 1,456.5 Cr in FY23. Total expenditure marginally increased to INR 3,716 Cr in FY23. Cost of services accounted for 71% of the total expenditure, while employee benefit expenses rose by 11% to INR 811.4 Cr. VerSe Innovation spent INR 2.55 to earn every rupee from operations in FY23.

Dailyhunt parent acquires Magzter, grows revenue from ads to subscriptions

Economic Times

Economic Times · 1y ago

Dailyhunt parent acquires Magzter, grows revenue from ads to subscriptions

VerSe Innovation, the parent company of Dailyhunt and Josh, has acquired Magzter, a digital magazine store based in New York. The deal allows Dailyhunt to enter the premium content market and diversify its revenue model. Dailyhunt has also launched Dailyhunt Premium, a subscription-based service offering access to premium international content and an ad-free experience. The acquisition is a cash-and-stock transaction, and Magzter's founders will be retained as the company operates as a subsidiary of VerSe. With over 1.1 million paying subscribers in India and a user base of 87 million globally, Magzter brings valuable resources to VerSe.

Builder.ai and DailyHunt parent VerSe allegedly engaged in $60M round-tripping

YourStory

YourStory · 5m ago

Builder.ai and DailyHunt parent VerSe allegedly engaged in $60M round-tripping

Between 2021 and 2024, Builder.ai (now bankrupt) and VerSe Innovation (DailyHunt parent) allegedly engaged in $60M round-tripping — billing each other for services that often didn’t occur, to inflate revenue figures. The transactions, staggered to avoid detection, created fake revenue for fundraising. VerSe denies all allegations, claiming proper services and audits. Deloitte flagged VerSe for weak internal controls, and its FY24 filings saw a revenue restatement from ₹1,456 Cr to ₹1,029 Cr. Deloitte also highlighted severe internal lapses at Builder.ai, including unauthorized payments, missing audit trails, and crypto/AI mismanagement. Builder.ai, once valued at $1.5B, is under US investigation for misleading sales projections. VerSe’s CFO and Deloitte have since exited.

'Our name got unnecessarily dragged': VerSe’s Umang Bedi on round-tripping allegations

YourStory

YourStory · 4m ago

'Our name got unnecessarily dragged': VerSe’s Umang Bedi on round-tripping allegations

VerSe Innovation, parent company of Dailyhunt, refuted allegations of fake business dealings with Builder.ai, which faced insolvency. Allegations claimed revenue inflation through round-tripping with Builder.ai, but VerSe's Co-founder, Umang Bedi, deemed them baseless and misleading, providing evidence of legitimate transactions and collaborations. VerSe spent $80 million on Builder.ai's services over five years, while Builder.ai paid for VerSe's advertising services. Despite reporting a revenue dip, VerSe aims for 75% growth in FY25.

VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26

Entrackr

Entrackr · 28d ago

VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26

VerSe Innovation, the parent company of Dailyhunt and short-video app Josh, reported improved financial performance for the fiscal year ending March 2025. According to the firm’s press release, operating revenue grew 88% during the fiscal year, while EBITDA burn reduced by 20%. VerSe Innovation’s operating revenue jumped to Rs 1,930 crore in FY25 from Rs 1,029 crore in FY24. Total revenue, including other income, stood at Rs 2,071 crore during the year, representing a 64% year-on-year growth. On a standalone basis, excluding acquisitions, the main firm’s revenue grew 33% to Rs 1,373 crore in FY25. VerSe reduced its EBITDA burn (excluding non-cash expenses) by 20% to Rs 738 crore in FY25 against Rs 920 crore in FY24. Its EBITDA margin improved to –38% in FY25 compared to -89% in FY24. Operating expenses also fell to 61% in FY25 from 77% in FY24. VerSe aims for EBITDA positivity and profitability at the group-level in the second half of FY26 through AI-led monetization, subscription growth, community engagement, and strategic acquisitions. The company plans to integrate acquisitions like Magzter and ValueLeaf to enhance monetization. VerSe serves over 350 million users and is backed by investors such as CPP Investments, OTPP, QIA, Carlyle, Google, and Microsoft. As India’s first unicorn in the local language content space, VerSe’s path to profitability by H2 FY26 is closely watched, with potential IPO plans in future years.

VerSe Innovation appoints Prakashan Manikoth as Group CFO

Entrackr

Entrackr · 1d ago

VerSe Innovation appoints Prakashan Manikoth as Group CFO

VerSe Innovation appoints Prakashan Manikoth as Group CFO VerSe Innovation, the parent company of Dailyhunt, Josh, NexVerse.ai, VerSe Collab, Magzter, and ValueLeaf, has appointed Prakashan Manikoth as its Group Chief Financial Officer (Group CFO). Based in Bengaluru, Manikoth will oversee global finance, strategic planning, investor relations, M&A, and capital allocation. He will also lead VerSe’s IPO preparation, focusing on financial discipline, governance, and risk management. Manikoth has more than 25 years of experience across Wipro, TCS, Tata Teleservices, and LeadSquared. At Wipro, he managed finance for global operations, and at TCS, he led finance for its emerging markets and core banking business units. Before joining VerSe, he served as CFO of LeadSquared, where he helped expand global operations. VerSe operates an AI-powered local language technology platform that delivers personalized content to over 350 million users through Dailyhunt, and supports creators through Josh, India’s leading short video app. Its portfolio also includes NexVerse.ai, Dailyhunt Premium, and VerSe Collab, which offer AI-driven digital content and creator tools. As per TheKredible, VerSe Innovation’s operating revenue jumped to Rs 1,930 crore in FY25 from Rs 1,029 crore in FY24. The company expects to breakeven and achieve group-level profitability in the second half of FY25. VerSe is backed by investors such as CPP Investments, Ontario Teachers’ Pension Plan, Qatar Investment Authority, Carlyle Group, Baillie Gifford, Goldman Sachs, and Peak XV. As of now, the Bengaluru-based company has raised over $1.5 billion and was valued at $5 billion in its last round.

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