Dailyhunt Parent VerSe To Lay Off 350 Employees Amid AI Pivot, Cost Cut

Dailyhunt’s parent company, VerSe Innovation, is laying off 350 employees this month as it looks to invest more in artificial intelligence (AI) and make its operations more efficient.

The company plans to use AI to automate many manual tasks and boost productivity. It is aiming to become profitable by the end of this financial year.

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With these layoffs, VerSe Innovation joins other content-focused startups that have cut jobs this year. ShareChat, backed by google, laid off 5% of its staff in January, while pocket fm, supported by Lightspeed, let go of 75 employees to focus on becoming profitable.

The layoffs are part of VerSe’s plan to use automation, cut costs, and improve how the company runs, as it aims to become profitable by the end of FY25.

According to VerSe’s updated financial report, the company earned ₹1,029 crore in revenue from operations in FY24, slightly down from ₹1,104 crore the year before. Its net loss reduced to ₹889 crore in FY24, compared to ₹1,909.7 crore in the previous year.

Earlier, VerSe had reported ₹1,261 crore in operating revenue and an EBITDA loss of ₹710 crore for FY24.

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