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VerSe Innovation, the parent firm of Dailyhunt and Josh, has categorically denied allegations of financial impropriety involving UK-based Builder.ai, calling them “factually incorrect, baseless, defamatory, and misleading.”
In a telephonic interview with Entrackr, VerSe’s Co-Founder and Chief Executive Officer, Umag Bedi, dismissed the accusations and shared actual AWS Portal monthly usage backed by monthly invoices from Builder, cloud services historic Jira tickets, custom app development environment proof on Builder Home Portal, 26+ Version releases, 18+ upgrades and patches and ad server campaigns with campaign tracking viewability and CTR metrics along with sample invoices issued to Builder.ai for advertising services. These invoices, the company claims, are part of a fully auditable trail and align with the revenues declared in its financial statements.
“Any insinuation that VerSe colluded with Builder.ai to inflate revenues, engaged in reciprocal billing without corresponding services, or manipulated invoicing practices to avoid suspicion is entirely false and irresponsible,” the company said in an official statement.
VerSe clarified that over the past five years, it had availed services worth $80 million from Builder.ai, which included AWS infrastructure, cloud services, custom software and application development. These included hyperscaler AWS cloud deployment, system migration, and custom app development. During the same period, Builder.ai engaged VerSe for advertising and promotional services, paying a total of $53 million, creating a clear imbalance in the trade.
“All revenues and expenses recorded were for legitimate services rendered and delivered—either directly or through subsidiaries,” the company said, adding that all payments were appropriately received or made and verified by third-party auditors.
The company further pointed out that each transaction involving Builder.ai underwent extensive scrutiny during its statutory FY24 audit. “Each such transaction was validated and checked thoroughly,” the company added. The audit concluded with an unmodified opinion, indicating that VerSe’s financials presented a true and fair view in accordance with Indian Accounting Standards.
While the auditors flagged some internal control weaknesses in the standalone reporting, VerSe emphasized that this did not impact the financial accuracy of the statements. “These material weaknesses… do not affect our opinion,” the audit report clarified.
VerSe stated it reserves the right to pursue legal remedies against those propagating what it deems to be falsehoods. “We operate with transparency and legal compliance, and our records can withstand any examination,” the spokesperson added.
With the controversy “behind us,” VerSe said it is now focused on achieving breakeven in H2 FY26, driven by its AI-first product suite—NexVerse.ai, Dailyhunt Premium, Josh Audio Calling & Stories, and VerSe Collab.
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