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VerSe Innovation on Saturday announced that it will reduce its workforce by approximately 350 roles this month as the company continues its strategic transformation to align its operations with long-term business priorities.
The company last conducted layoffs two and a half years ago, letting go of 150 employees as part of cost-cutting efforts.
“This strategic transformation is a part of a well thought through comprehensive plan and is geared at accelerating investments in AI, streamlining operations, and taking concerted actions to align the company’s strategy and structure to its long-term priorities and growth,” said a company spokesperson in a press statement.
In a recent interaction with Entrackr, VerSe CEO Umang Bedi told Entrackr that the company has integrated AI across its content ecosystem, using it for large-scale recommendations and generative AI to boost accessibility, engagement, and monetization.
As part of its ongoing plans to change how it works, VerSe Innovation is using AI to automate manual tasks and cut costs to become profitable by the end of the year. The company also plans to grow its revenue through both its own efforts and by acquiring other businesses, with the goal of eventually going public.
In FY24, the company reduced its EBITDA burn by 51% to Rs 710 crore from Rs 1,448 crore in FY23. According to the company, this was driven by strategic cost management, including reductions in service and marketing expenses. The total revenue for FY24 stood at Rs 1,261 crore.
VerSe Innovation expects more than 75% revenue growth in FY25, ahead of the expected 10–15% growth in the Indian digital advertising market. This growth is supported by its investments in AI-driven tools and platforms, including the AdTech platform NexVerse.ai, the Dailyhunt Premium subscription service with Magzter, and VerSe Collab, a platform for managing influencer campaigns.
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