Bengaluru — VerSe Innovation Pvt Ltd, the parent company of Dailyhunt and Josh, has received a clean audit opinion from Deloitte on its consolidated financial statements for the financial year ending March 31, 2024. The Big Four firm confirmed that VerSe’s financials offer a “true and fair view,” reinforcing investor confidence as the company sets ambitious goals for FY25.
Clean Audit Despite Internal Control Observations
Deloitte, VerSe Innovation’s long-term auditor, issued an unqualified audit opinion on the FY24 financials while noting some internal control weaknesses. However, these issues were not considered material enough to impact the audit conclusion.
“These material weaknesses do not affect our opinion on the Consolidated Financial Statements,” stated Deloitte in its official filing with the Ministry of Corporate Affairs (MCA).
A VerSe spokesperson acknowledged Deloitte’s findings, saying, “We are fully committed to strengthening our internal controls and remain confident in our plan to achieve break-even in the second half of this fiscal year.”
FY24 Performance Highlights: A Year of Strategic Reset
FY24 proved to be a transformative year for VerSe Innovation, marked by fiscal discipline and operational recalibration. Key financial metrics include:
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51% reduction in EBITDA burn: From ₹1,448 crore in FY23 to ₹710 crore in FY24 (excluding non-cash expenses)
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Total revenue: ₹1,261 crore, plus ₹232 crore in non-operating income
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17% cut in Cost of Services: Down from ₹1,389 crore in FY23 to ₹1,155 crore in FY24
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65% drop in Business Promotion Expenses: From ₹969 crore in FY23 to ₹339 crore in FY24
FY25 Outlook: AI-Driven Growth and Profitability Targets
VerSe Innovation is targeting over 75% revenue growth in FY25, significantly outpacing India’s digital advertising market, which is expected to grow at 10–15%. The growth strategy is anchored in:
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AI-led automation and innovation
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Product enhancements across Dailyhunt and Josh
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Revenue diversification and operational efficiency
The company is on track to reach break-even in H2 CY2025, marking a shift toward long-term profitability.
About VerSe Innovation
VerSe Innovation is India’s leading AI-powered content and short-video platform ecosystem. Through Dailyhunt and Josh, it serves millions of users across regional languages. The company is backed by marquee investors and has a growing presence in the vernacular digital content space.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
