VerSe Innovation Layoffs
November 2022
VerSe Innovation announced a layoff affecting 150 employees (5% of its workforce) in November 2022. The company operates in the Media sector.
150
5%
Nov 25, 2022
About
In November 2022, VerSe Innovation, the Indian startup behind apps like Dailyhunt and Josh, laid off 150 employees, representing 5% of its 3,000-strong workforce. The company, valued at $5 billion and backed by investors including Google and Microsoft, also implemented an 11% salary cut for remaining staff earning above a certain threshold. This restructuring was driven by a challenging economic climate and a severe downturn in the advertising market, which significantly impacted the consumer tech industry. Despite raising over $800 million earlier that year, the startup took these measures to streamline costs and ensure long-term business viability.
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