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Dailyhunt's Parent VerSe bets on adtech to turnaround fortunes

Inc42 · 11m 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.

Related News

DailyHunt In Advanced Talks To Snap Up Social Media Platform Koo

Inc42 · 1y ago

DailyHunt In Advanced Talks To Snap Up Social Media Platform Koo

Indian media platform Dailyhunt is reportedly in talks to acquire social media platform Koo. The deal, which includes a share-swap agreement, may be concluded within a few weeks. Koo gained popularity as an alternative to Twitter during the standoff between the Indian government and the social media giant. Koo's strategy of supporting multiple local languages has allowed it to connect with a wide audience. Dailyhunt's parent company, VerSe Innovation, recently secured INR 50 crore ($6.25 million) in debt capital.

How Tiger Global-Backed Koo Lost Its X-Factor

Inc42 · 1y ago

How Tiger Global-Backed Koo Lost Its X-Factor

Indian microblogging platform Koo, once touted as a potential rival to Twitter, is now facing numerous challenges. The startup's active user base has dropped by 62% in the past nine months, and it has struggled to find a sustainable revenue model. Koo has also experienced layoffs, with its workforce decreasing from around 400 employees in 2022 to just 60 now. Speculation suggests that Koo may be acquired by VerSe Innovation, the parent company of Dailyhunt and Josh. However, experts question the viability of the acquisition and whether it can turn Koo's fortunes around.

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

YourStory

YourStory · 1m 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 Slashes 350 Jobs in Major Restructuring Move

StartupTalky

StartupTalky · 2m ago

VerSe Innovation Slashes 350 Jobs in Major Restructuring Move

VerSe Innovation, the parent company of DailyHunt and Josh, has laid off 350 employees as part of a strategic restructuring effort aimed at focusing on long-term goals, streamlining operations, and accelerating AI investments. The company plans to enhance operational efficiency by automating processes and reallocating resources. Despite financial instability and noted issues in financial controls, VerSe anticipates increased revenue and decreased net losses, driven by AI-led platform investments and smart acquisitions.

Dailyhunt Parent VerSe Innovation Secures INR 50 Cr Debt From Alteria Capital

Inc42 · 1y ago

Dailyhunt Parent VerSe Innovation Secures INR 50 Cr Debt From Alteria Capital

VerSe Innovation, the parent company of Dailyhunt and Josh, has raised INR 50 Cr ($6.25 Mn) in debt funding from Alteria Capital. The funds will be used for general corporate purposes and to support business growth and expansion plans. VerSe reported losses of INR 1,909.7 Cr in FY23, down 25% from the previous fiscal year. The company's flagship product, Dailyhunt, claims to have over 350 Mn monthly active users, while Josh reportedly has 139 Mn monthly active users and 68 Mn daily active users. This funding round comes after VerSe raised $805 Mn in 2022.

How VIP is trying to shed its baggage

Livemint

Livemint · 1y ago

How VIP is trying to shed its baggage

Dilip Piramal, chairperson of VIP Industries, is counting on the newly appointed managing director, Neetu Kashiramka, to revive the company's fortunes. VIP Industries has faced challenges with declining margins, inventory issues, and competition from both established players and emerging startups. Kashiramka plans to focus on cutting costs, shifting to an asset-light model, and launching new products to regain market share. She aims to elevate EBITDA margins to 15% by FY25 and transform VIP into a more diversified business. Despite the current struggles, investors are hopeful about the company's turnaround strategies.

Dailyhunt parent ‘hungry’ for acquisitions to drive core business growth

Livemint

Livemint · 1y ago

Dailyhunt parent ‘hungry’ for acquisitions to drive core business growth

VerSe Innovation, the parent company of Dailyhunt and Josh, is actively seeking acquisitions to expand its user base, diversify content offerings, and explore monetization opportunities. The company recently acquired US-based subscription service Magzter to enter international markets and the premium subscription segment. VerSe Innovation aims to finance acquisitions using its existing cash reserves, with over $100 million in dry powder. The company has also seen steady revenue growth from online advertising and subscriptions, while its short-video app, Josh, achieved an annual recurring revenue of $100 million. VerSe is targeting acquisitions to strengthen its core business and drive growth.

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.

VerSe Innovation appoints Rohit Sandal as CHRO

YourStory

YourStory · 3d 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’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23

IndianStartupNews

IndianStartupNews · 1y 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.

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