DailyHunt parent to lay off 350 employees?

The layoffs are reportedly a part of its plan to push for artificial intelligence and to streamline operations

by e4m Desk
Published: May 17, 2025 4:23 PM | 2 min read

VerSe, the parent company of news aggregator Dailyhunt, is reported planning to fire 350 employees as part of its plan to push for artificial intelligence and to streamline operations. The company’s press statement said that the company plans to use AI to automate several of its manual functions to boost operational efficiency.

It also mentioned in its recent financials that it has made investments in AI-led tools and platforms to support its growth plans.

VerSe has been taking these steps to gain profitability by the end of the financial year.

The Dailyhunt parent joins the ranks of many tech companies like Google, ShareChat and others that have cut back on their workforce to invest more in AI assets.

VerSe Innovation reported a total revenue of Rs 1,261 crore in FY24 from Rs 1,809 crore in FY23, down by 30.3%. According to its press release, the company’s EBITDA was reduced by 51% during the last fiscal year, dropping from Rs 1,448 crore in FY23 to Rs 710 crore in FY24.

The company said that the losses exclude their non-cash expenses. Its cost of services was reduced by 17% to Rs 1,155 crore and business promotional expenses down by 65% from Rs 969 crore to Rs 339 crore during the March 2024 fiscal.

Verse is projecting a revenue growth of over 75% in FY25, exceeding the 10-15% growth rate expected from the Indian digital ad sector.

The company is also aiming to break even in the second half of 2025, targeting growth through a mix of product innovations, AI and monetisation efforts.