VerSe Innovation Pvt Ltd, the parent company of popular platforms Dailyhunt and Josh, has received a clean audit opinion from its long-standing auditor Deloitte on its FY24 consolidated financial statements. While Deloitte acknowledged internal control weaknesses within the company, it confirmed that these shortcomings did not affect the accuracy or integrity of VerSe’s overall financial reporting.
In its audit, Deloitte highlighted issues in areas such as supplier management, invoice approvals, and payment processes. These flaws, although serious enough to be noted in the company’s filings with India’s Ministry of Corporate Affairs (MCA), were not significant enough to alter the auditor’s final opinion on the fairness of the financial statements. Deloitte emphasized these weaknesses in the standalone accounts as of March 31, 2024, and added that their audit strategy accounted for these concerns.
A spokesperson for VerSe stated that while they take the internal control observations seriously, they remain focused on strengthening oversight mechanisms and are optimistic about achieving break-even in the second half of FY25. The company reduced its EBITDA burn by 51%, from ₹1,448 crore in FY23 to ₹710 crore in FY24 (excluding non-cash items), and saw notable cost reductions — including a 65% drop in marketing expenses and 17% cut in service costs.
VerSe reported ₹1,261 crore in operational revenue and ₹232 crore from non-operating sources during the year. Looking forward, the company expects FY25 revenue to grow over 75%, outperforming India’s digital advertising industry, which is expected to grow by 10–15%. With a strong platform and improved fiscal discipline, VerSe aims to capitalize on automation, innovation, and market expansion to reach profitability.
Founded in 2007 and headquartered in Bengaluru, VerSe Innovation has raised $1.2 billion from major investors, including CPP Investments and Qatar Investment Authority, and competes with major players like YouTube, Instagram, and Facebook in India’s dynamic digital content space.
