VerSe Innovation’s net loss declined over 25% YoY to INR 1,909.7 Cr in FY23
The parent of DailyHunt and Josh saw its operating revenue zoom 51% YoY to INR 1,456.5 Cr in FY23
Total expenditure rose marginally to INR 3,716 Cr in FY23 from INR 3,714 Cr in the previous fiscal year
VerSe Innovation, the parent of DailyHunt and Josh, managed to narrow its net loss by over 25% in the financial year ended March 31, 2023. The Bengaluru-based unicorn reported a net loss of INR 1,909.7 Cr in the financial year 2022-23 (FY23) against a net loss of INR 2,563.3 Cr in the previous fiscal year.
Founded in 2007 by Virendra Gupta, VerSe Innovation runs new aggregator platform DailyHunt and short video platform Josh. Later, Umang Bedi joined the startup as its cofounder. VerSe Innovation primarily earns revenue through advertising on its platforms. Besides, it also generates revenue from subscriptions for services rendered.