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

EntrackrEntrackr · 1m ago
VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26
Medial

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.

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

EntrackrEntrackr · 7m ago
VerSe cuts burn by 51% in FY24, eyes profitability in H2 CY25
Medial

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.

VerSe FY24 financials receive clean audit opinion from Deloitte

EntrackrEntrackr · 6m ago
VerSe FY24 financials receive clean audit opinion from Deloitte
Medial

VerSe FY24 financials receive clean audit opinion from Deloitte Deloitte had identified issues around revenue recognition, expense management, and internal controls, casting doubts on the company’s financial integrity. Deloitte has issued an audit opinion on Verse Innovation’s consolidated financial statements for FY24, stating that the financials present a fair view of the firm’s financial position and performance, according to a press release from the company. This comes as a major relief for VerSe Innovation, which had previously faced scrutiny regarding its internal control processes, particularly in FY23, when concerns were raised about material weaknesses in its financial operations. Deloitte had identified issues around revenue recognition, expense management, and internal controls, casting doubts on the company’s financial integrity. However, in its latest report for FY24, Deloitte reassured that despite acknowledging these control weaknesses, they did not impact their overall opinion on the company's financial statements, as per the company’s release. “... Their assessment highlights that, despite some internal control weaknesses, the financials remain a true and fair representation of our company’s health,” said a spokesperson from VerSe Innovation. The Bengaluru-based firm has committed to addressing these internal control issues and remains confident in its ability to break even by H2 FY25. Deloitte’s new report further clarified that while material weaknesses were noted, they did not affect the audit opinion. The audit included a special mention of retrospective adjustments made for figures from FY23, acknowledging the company's efforts to improve its financial reporting. VerSe reported total revenue of Rs 1,261 crore for the fiscal year ending March 2024 and reduced its EBITDA loss by 51% year-on-year to Rs 710 crore. It is projecting over 75% revenue growth for the fiscal year ending March 2025. “We are on track to achieve break-even in H2 2025, driven by product innovation and an AI-led expansion strategy. Our commitment to financial discipline and operational efficiency will enable us to navigate the challenges of the digital landscape and create long-term value for our stakeholders,” the spokesperson added.

CarTrade posts Rs 173 Cr revenue in Q1 FY26, profit jumps 2X YoY

EntrackrEntrackr · 3m ago
CarTrade posts Rs 173 Cr revenue in Q1 FY26, profit jumps 2X YoY
Medial

CarTrade released its financial results for the first quarter of the ongoing fiscal year (Q1 FY26) on Monday. The company reported a 22% year-on-year revenue growth compared to Q1 FY25, with profit doubling in the same time period. CarTrade’s revenue from operations grew 22% to Rs 173 crore in Q1 FY26 in contrast to Rs 142 crore in Q1 FY25, as per the firm’s unaudited financial results sourced from the National Stock Exchange (NSE). The company’s total income for Q1 FY26 grew to Rs 199 crore, up from Rs 157 crore in Q1 FY25. The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 38% of the total operating revenue which increased to Rs 66 crore in Q1 FY26 from Rs 51 crore in Q1 FY25. Income from the remarketing and classified segment stood at Rs 59 crore and Rs 48 crore, respectively, in the first quarter of the ongoing fiscal year. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 6% to Rs 75 crore during the period. Including other costs, CarTrade’s overall expenses increased 8% to Rs 142 crore in Q1 FY26 from Rs 23 crore during Q1 FY25. The decent growth and controlled spending enabled CarTrade to double its net profit to Rs 47 crore in Q1 FY26, compared to Rs 23 crore in Q1 FY25. CarTrade’s share price is trading at Rs 1,871 (as of 10:56 AM) with a total market capitalization of Rs 8,886 crore ($1.03 billion).

VerSe Innovation appoints Prakashan Manikoth as Group CFO

EntrackrEntrackr · 14d ago
VerSe Innovation appoints Prakashan Manikoth as Group CFO
Medial

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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