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.
5 posts categorized "Josh"
Dailyhunt Parent Sacks 150; to Cut Salaries for Staff Earning ~₹1M Per Annum
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Dailyhunt and Josh Apps Parent Firm Raises $805M at $5B Valuation
TECH CRUNCH - VerSe Innovation, the parent firm of news aggregator app Dailyhunt and short video app Josh, has raised $805M. The startup is valued at nearly $5B in the new round. Its short video app, Josh, has amassed ~150M users, 50M of whom create and publish content. News aggregator app Dailyhunt, which operates in 15 languages and has a creator ecosystem of ~100K content partners, has ~350M users, whereas the startup's recently launched app PublicVibe now serves over 5M MAU.
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Dailyhunt Parent Raises ~$28M From CPPIB at a Valuation of $3.1B
LIVEMINT - VerSe, the parent of local language news aggregator Dailyhunt and short-video app Josh, has raised $28M in the last leg of its Series I funding round from the Canada Pension Plan Investment Board (CPPIB). VerSe allotted 50K Series I2 preference shares and 10 Series I equity shares to CPPIB at an issue price of ~₹41K apiece as part of the transaction.
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Former Airtel Exec Joins VerSe as CFO
VC CIRCLE - VerSe Innovation, the parent of local language news aggregator Dailyhunt and short-form video app Josh, has roped in Sandip Basu as its group CFO. Basu has 30 years of experience and worked at Bharti Telecom Limited, Fascel Limited, BPL Mobile Group, XCEL Telecom, Loop Mobile, and Loop Telecom, playing different roles as CEO, managing director, and CFO.
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VerSe Acquires GolBol for Enhancing Josh Cam Capabilities
INC42 - VerSe will bring on board GolBol's entire team to help accelerate the work being done to modernise and multiply the impact of Josh. The GolBol team will focus their efforts on enhancing Josh Cam, a mobile video editing app designed exclusively for users and creators of the short-video ecosystem. Launched in August 2020, the short-video app Josh has recorded ~100M downloads on the Play Store, and has ~115M MAU.
by Rituraj Baruah
See full article at Inc42
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