One of the two quoted above said: “The export is due to health reasons and the company has begun looking for his replacement.” According to the second person, the poetry’s finance team also saw other exports, with Rajiv Sikaria and Piyush Agarwal resigning from last year’s resignation.
These exports came during a critical poetry period, and the show has been actively acquiring companies, facing delays in financial audits and preparing for an initial public offering (IPO).
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A Scripture spokesman confirmed Basu’s resignation and downplayed the impact of other departures, saying they were not at the high level and were typical for a financial team of 85-100 members.
According to his LinkedIn profile, Sikaria is responsible for the merger and acquisition and serves as chief financial officer of BMEG and BMEG MENA, who resigned in July last year. Agarwal, who is responsible for corporate financing, accounting, taxation, mergers and acquisitions, finance and investor relations, has also recently left.
Basu’s resignation came three years after he joined Verse’s Group CFO, overseeing the company’s internal systems and processes. He previously held senior positions at Bharti Telecom Ltd, BPL Mobile Group, Xcel Telecom and Loop Mob.
The emails sent to Sikaria and Agarwal received no response at the time of publication and the emails sent to Basu bounced.
In 2018, Bedi served as co-founder of DailyHunt along with Verse founder Virendra Kumar Gupta. The parent company was founded in 2007. The platform targets wealthy English speakers in Level 1 cities, as well as affluent, educated audiences who prefer local language content in Level 2 cities.
The poem has actively expanded over the past year, and in August 2024, shortly after the largest deal to date, it acquired a majority stake in an Indian digital marketing agency in August 2024 and purchased an undisclosed payment on the US subscription service Magzter in April 2024.
Umang Bedi, the co-founder of poetry, told Mint Last year, the company was “hungry for acquisitions”, trying to expand its user base, explore monetization opportunities and diversify content products.
The company plans to use these acquisitions through a combination of cash and stock. In the past five years, Verse has acquired social media app Golbol, Photo-Video sharing app Vebbler, AI Solutions provider Cognirel and online news platform local broadcast over the past five years, according to TRACXN. Each acquisition costs less than $100 million.
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As the scriptures prepare for an IPO, searches for new CFOs become urgent. Although Bedi did not disclose a listing schedule, he expects the company to make a profit in fiscal 26 even in the next three to four months. Bedi expects AI-powered innovation, deeper monetization across platforms (including DailyHunt, Josh, Josh, Nextverse AI and Verse Consop) to drive higher revenues and recover in the advertising market.
For fiscal 24, poetry revenues have decreased ₹1,261 million, from ₹Fiscal Year 135.6 billion Fiscal Year 23. However, its EBITDA combustion does not include non-cash fees, which is reduced to ₹In comparison, 7.1 billion ₹The previous year was 14.48 million.
The company predicts revenue growth of 75% in fiscal 25 and expects to reduce its burn by 30-40% through aggressive marketing expenses and acquisition integrations. It has not submitted its review results for the fiscal year.
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Poetry raised $805 million at a valuation of $5 billion in April 2022, including investors such as Goldman Sachs, Falcon Edge Capital, Sequoia Capital India, Omidyar Network India and Matrix Partners. The company has no immediate plans to raise further funds.
In the short video space in India, Poet’s Josh competes with Moj and Sharechat of Mohalla Tech, both of which were banned in India in 2020.
