News on Medial

VerSe cuts burn by 51% in FY24, eyes profitability in H2 CY25

Entrackr · 9d

VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt and social media app Josh, has reported a significant 51% reduction in EBITDA burn during the last fiscal year. The company’s EBITDA burn dropped from Rs 1,448 crore in FY23 to Rs 710 crore in FY24. The losses exclude non-cash expenses. Verse reported total revenue of Rs 1,261 crore in FY24, compared to Rs 1,809 crore in FY23. VerSe brought down its cost of services by 17% to Rs 1,155 crore and slashed business promotion expenses by 65%, from Rs 969 crore in FY23 to Rs 339 crore during the fiscal year ending March 2024. VerSe is projecting revenue growth of over 75% in FY25. The company’s growth plans are supported by its investment in AI-led tools and platforms. VerSe is also targeting break-even in the second half of calendar year 2025. VerSe was valued at $5 billion after raising a $805 million round in April 2022. The firm claims to have over 350 million users every month (MAU). Dailyhunt competes with Inshorts, whereas its short video app Josh competes with ShareChat’s Moj, YouTube Shorts, and Instagram, among others.