Deloitte Gives Clean Audit Opinion on VerSe Innovation's FY24 Financials
30.04.2025 - 11:03:13Deloitte Gives Clean Audit Opinion on VerSe Innovation's FY24 Financials. VerSe Innovation Cuts Burn by 51% in FY24; Eyes 75%+ Revenue Growth in FY25 and Profitability in H2?CY25 with AI-Led Expansion
Business Wire IndiaVerSe Innovation Pvt Ltd, the parent company of leading content platform Dailyhunt and popular short-video app Josh, today announced that its longstanding auditor, Deloitte, has issued a clean opinion on the company's consolidated financial statements for the financial year 2024 (FY24). Deloitte's clean audit opinion affirms that VerSe's FY24 financial statements present a true and fair view of the company’s financial position and performance.
"Deloitte, VerSe Innovation’s long-term auditor, has issued a their opinion on the Consolidated Financial Statements, which is True and Fair. We are fully committed to strengthening our internal controls and remain confident in our plan to achieve break-even in the second half of this fiscal year." - VerSe Innovation spokesperson.
“We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Consolidated Financial Statements of the Company for the year ended March 31, 2024, and these material weaknesses do not affect our opinion on the said Consolidated Financial Statements of the Company (our report on the Consolidated Financial Statements includes Emphasis of Matter paragraph in respect of retrospective adjustments made in the corresponding figures for the year ended March 31, 2023).” - Deloitte (as per the MCA fillings).
VerSe Innovation FY24 Performance: Strategic Shift and Financial Discipline
FY24 marked a pivotal year of recalibration and stability for VerSe Innovation. Key financial highlights include:
Momentum into FY25: Innovation at Scale
Building on the operational discipline and platform strength achieved in FY24, VerSe is entering FY25 projecting revenue growth to exceed 75%, significantly outpacing India’s digital advertising industry, which is projected to grow at 10–15%.
Looking Ahead:
VerSe Innovation is on track to achieve break-even in H2 2025, led by a combination of product innovation, AI-led automation, and revenue expansion.
About VerSe Innovation Private Limited
At the core of VerSe Innovation, is the idea that technology can help bridge the digital divide. Since its inception, VerSe has risen to the challenge of serving the unmet content needs of millions of consumers using technology. Its unique artificial intelligence, machine learning and deep learning technologies enables personalized content to be delivered to millions of users based on their consumption preferences. Today VerSe Innovation’s proprietary technology platform powers 350 million + users to consume content in their local language on Dailyhunt. Its technology also powers India’s #1 and most engaging short-video app Josh.
VerSe Innovation, with its family of apps focused on Bharat, became the first unicorn in tech for local languages and counts CPP Investments, Ontario Teachers Pension Plan (OTPP), Qatar Investment Authority (QIA), Siguler Guff, Carlyle Group, Baillie Gifford, Goldman Sachs, Gladebrooks, Falcon Edge Capital, AlphaWave, Sequoia Capital India, Matrix Partners India, Google, Microsoft, Lupa Systems, Luxor Group, Sofina, B Capital Group, IIFL, Kotak, Catamaran, Bay Capital, Edelweiss and Omidyar Network, among others as existing investors.
"Deloitte, VerSe Innovation’s long-term auditor, has issued a their opinion on the Consolidated Financial Statements, which is True and Fair. We are fully committed to strengthening our internal controls and remain confident in our plan to achieve break-even in the second half of this fiscal year." - VerSe Innovation spokesperson.
“We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Consolidated Financial Statements of the Company for the year ended March 31, 2024, and these material weaknesses do not affect our opinion on the said Consolidated Financial Statements of the Company (our report on the Consolidated Financial Statements includes Emphasis of Matter paragraph in respect of retrospective adjustments made in the corresponding figures for the year ended March 31, 2023).” - Deloitte (as per the MCA fillings).
VerSe Innovation FY24 Performance: Strategic Shift and Financial Discipline
FY24 marked a pivotal year of recalibration and stability for VerSe Innovation. Key financial highlights include:
- A 51% year-on-year reduction in EBITDA burn, from Rs. 1,448 Cr in FY23 to Rs. 710 Cr in FY24 (excluding non-cash expenses)
- Total revenue of Rs. 1,261 Cr, with an additional Rs. 232 Cr from non-operating income
- A 17% reduction in Cost of Services, from Rs. 1,389 Cr in FY23 to Rs. 1,155 Cr in FY24
- A 65% reduction in Business Promotion Expenses, down from Rs. 969 Cr in FY23 to Rs. 339 Cr in FY24
Momentum into FY25: Innovation at Scale
Building on the operational discipline and platform strength achieved in FY24, VerSe is entering FY25 projecting revenue growth to exceed 75%, significantly outpacing India’s digital advertising industry, which is projected to grow at 10–15%.
Looking Ahead:
VerSe Innovation is on track to achieve break-even in H2 2025, led by a combination of product innovation, AI-led automation, and revenue expansion.
About VerSe Innovation Private Limited
At the core of VerSe Innovation, is the idea that technology can help bridge the digital divide. Since its inception, VerSe has risen to the challenge of serving the unmet content needs of millions of consumers using technology. Its unique artificial intelligence, machine learning and deep learning technologies enables personalized content to be delivered to millions of users based on their consumption preferences. Today VerSe Innovation’s proprietary technology platform powers 350 million + users to consume content in their local language on Dailyhunt. Its technology also powers India’s #1 and most engaging short-video app Josh.
VerSe Innovation, with its family of apps focused on Bharat, became the first unicorn in tech for local languages and counts CPP Investments, Ontario Teachers Pension Plan (OTPP), Qatar Investment Authority (QIA), Siguler Guff, Carlyle Group, Baillie Gifford, Goldman Sachs, Gladebrooks, Falcon Edge Capital, AlphaWave, Sequoia Capital India, Matrix Partners India, Google, Microsoft, Lupa Systems, Luxor Group, Sofina, B Capital Group, IIFL, Kotak, Catamaran, Bay Capital, Edelweiss and Omidyar Network, among others as existing investors.
