Bengaluru: VerSe Innovation Pvt Ltd, the parent company of leading digital content platform Dailyhunt and popular short-video app Josh, has received a clean audit opinion on its FY24 consolidated financial statements from its long-term auditor Deloitte. The audit affirms that VerSe’s financials present a true and fair view of the company’s performance and position.
While Deloitte noted certain internal control weaknesses, the firm clarified that these did not impact its overall audit opinion. "We have considered the material weaknesses... and these do not affect our opinion," the auditor stated in its filing with the Ministry of Corporate Affairs. The report includes an Emphasis of Matter paragraph referencing retrospective adjustments to the previous year’s figures.
A VerSe Innovation spokesperson responded: “We are fully committed to strengthening internal controls and remain confident in our plan to achieve break-even in the second half of this fiscal year.”
FY24 marked a significant shift for VerSe Innovation, focused on efficiency and recalibration. Key performance highlights include:
51% YoY reduction in EBITDA burn — from ₹1,448 crore in FY23 to ₹710 crore in FY24 (excluding non-cash expenses)
Total revenue of ₹1,261 crore, plus ₹232 crore in non-operating income
17% drop in cost of services — from ₹1,389 crore in FY23 to ₹1,155 crore in FY24
65% cut in business promotion expenses — down from ₹969 crore in FY23 to ₹339 crore in FY24
Building on its operational discipline and product strength, VerSe projects over 75% revenue growth in FY25 — far outpacing India’s digital advertising industry growth, estimated at 10–15%. The company is targeting profitability by H2 of calendar year 2025, driven by continued innovation, AI-led automation, and expanded monetization.