Dailyhunt Parent Sacks 150; to Cut Salaries for Staff Earning ~₹1M Per Annum

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Dailyhunt Parent Sacks 150; to Cut Salaries for Staff Earning ~₹1M Per Annum

LIVE MINT - VerSe Innovation Pvt. Ltd, the parent of news aggregator Dailyhunt and short-video platform Josh, has laid off 5% of its employees at its mid-year performance review to cut costs and streamline operations. The layoffs come a few months after the company raised $805M at a valuation of ~$5B. "To ensure long-term profitable growth, we have exercised fiscal and employee prudence, and implemented an 11% salary cut for individuals with annual salaries of ₹10 lakh or more," said Umang Bedi, co-founder, of VerSe.