VerSe Innovation lays off 150 employees, announces pay cut
Pay cut of up to 11 per cent will be will be implemented for employees who earn over Rs 10 lakh per annum
Published - Nov 29, 2022 8:49 AM | 1 min read
VerSe Innovation, the parent company of Dailyhunt and short-form video platform Josh, has reportedly laid off nearly 150 employees or about 5 percent of its workforce. The move, claim media reports, is aimed at streamlining costs and teams. The company has also announced implemented pay cuts for up to 11 per cent for employees who earn over Rs 10 lakh per annum.
According to some reports, these measures were unveiled in a town hall meeting, addressed by the company’s co-founders Virendra Gupta and Umang Bedi. One of the reports quoted Bedi as saying, “given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance & business considerations to streamline our costs and our teams. This has impacted 5% of our 3,000-strong workforce.”
He further said that he remains "extremely committed and bullish" across VerSe Innovation's offerings that include Josh, Dailyhunt and PublicVibe.
The company, which had raised $805 million at a valuation of $5 billion, registered a loss of Rs 2,563 crore in FY22, which increased from Rs 808 crore in FY21.
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