VerSe to lay off 350 employees amid strategic AI investment

Entrackr · 4d

VerSe to lay off 350 employees amid strategic AI investment VerSe Innovation announced it will reduce its workforce by approximately 350 roles as part of its strategic transformation to align operations with long-term business priorities. The company, which last conducted layoffs two and a half years ago, is focusing on AI to automate tasks and cut costs to become profitable by the end of the year. “This strategic transformation is a part of a well-thought comprehensive plan aimed at accelerating investments in AI, streamlining operations, and aligning the company's strategy and structure with its long-term priorities and growth,” said a company spokesperson. CEO Umang Bedi mentioned integration of AI for recommendations and generative AI to enhance accessibility, engagement, and monetization. The company plans to grow revenue through acquisitions with the goal of going public. In FY24, EBITDA burn was reduced by 51% to Rs 710 crore from Rs 1,448 crore in FY23 due to strategic cost management. FY24 revenue stood at Rs 1,261 crore. VerSe expects over 75% revenue growth in FY25, supported by investments in AI-driven tools, including NexVerse.ai, Dailyhunt Premium, and VerSe Collab.