As part of the efforts to increase profitability and become more agile, Verse Innovation is all set to embrace artificial intelligence (AI) and automate various manual processes to cut costs. The parent company of Dailyhunt and Josh (the short-video app) is also trimming the workforce by 350 this month in the process.
The company aims to transform in a strategic way and align operations with its business goals.
The last round of layoffs happened more than two years ago when about 150 employees were laid off.
The company has planned to invest significantly in AI and streamline processes to ensure growth in the long run.
The company has reportedly embraced AI in a big way across its systems for recommendations. It is relying on generative AI for better engagement, accessibility and improved profitability.
Umang Bedi is the CEO of VerSe.
The company is also looking at acquiring firms/platforms that will contribute to revenue increases, as an IPO is on the cards.
VerSe posted revenues to the tune of Rs 1,261 crore. By cutting down on expenditure and costs, VerSe had reportedly managed to decrease its EBITDA by 51 per cent to about Rs 710 crore compared to the Rs 1,448 crore two years ago.
In FY25, it intends to post 75 per cent higher revenue, which is way more than the average across the industry.
VerSe Innovation’s proprietary technology platform powers 300 million+ users to consume content in their local language. Its technology also powers India’s #1 and most engaging short video app, Josh.
