Layout News: Daily Hunting Parent Company Verse Cuts 350 Jobs in Major Transformation to Invest in AI
News Summary, the parent company of DailyHunt, will lay off 350 employees in the company’s so-called “strategic transformation” to overhaul its work methods.
Verse said in a press release late Saturday that it will simplify about 350 roles within the company. It said the layoffs will take place in May.
“Building a more future ready-made organization that spans talent across business units and has resources targeting growth areas, the company will simplify its workforce by about 350 roles this month,” Verse said.
AI steals work?
Verse said the transformation to build an “agile, focused and future-oriented organization” is underway, which highlights its investment in more initiatives in artificial intelligence.
“This move is part of a well-thinked approach through a comprehensive plan, aiming to accelerate investment in AI, streamline operations and take coordinated actions to align the company’s strategy and structure with its long-term priorities and growth,” the company said.
One of the main focus of future scriptures will be the transformation of AI leadership, which is at the same time as announcing layoffs.
As part of integrating AI into workflows, scripture will focus on automation of several manual processes to improve operational efficiency “align with global trends.”
The scriptures have better profitability with current finances
The upcoming layoffs are justified, the company said, with the company’s operational and structural changes focusing on growth drivers to guide the company towards profitability at the end of its current fiscal.
It says that in the future, both organic and through strategic acquisitions will be effectively positioned in future public places.
Verse is expected to see revenue growth of more than 75% in fiscal 25, exceeding the expected growth rate of 10-15% in the digital advertising sector in India.
A scripture spokesperson said: “The company’s growth strategy has been invested in tools and platforms led by AI, such as Adtech platform Nexverse.ai, subscription service DailyHunt Premium, and Magzter, a platform for managing influencer activity.”
In fiscal 24, EBITDA burns in scripture decreased by 51%, from ₹FY14.48 million to FY23 ₹Through cost management measures, including reduced service and marketing expenses, $7.1 billion. Total revenue for fiscal 24 is ₹12.61 million.
