Synopsis
VerSe Innovation, the parent company of Dailyhunt, has reported a significant **30.3% drop** in revenue for FY24, totaling Rs 1,261 crore, down from Rs 1,809 crore in FY23. The company also faced a **51% EBITDA decline**, but remains optimistic about future growth.Key Takeaways
- 30.3% revenue decline in FY24
- 51% decrease in EBITDA
- Cost of services down by 17%
- Promotional expenses reduced by 65%
- Anticipates over 75% revenue growth in FY25
Bengaluru, March 26 (NationPress) VerSe Innovation, the parent entity of Dailyhunt, has disclosed a notable 30.3% drop in revenue for the financial year 2024 (FY24). The company's total revenue for this fiscal year stood at Rs 1,261 crore, a reduction from Rs 1,809 crore in FY23.
As per its financial reports, the company's EBITDA also witnessed a 51% decrease during the same timeframe, falling from Rs 1,448 crore to Rs 710 crore.
In spite of the revenue downturn, VerSe Innovation pointed out reductions in expenses across crucial areas.
The cost of services saw a 17% decline, bringing it down to Rs 1,155 crore, while promotional business expenditures plummeted by 65%, from Rs 969 crore to Rs 339 crore over the last fiscal year.
VerSe Innovation remains optimistic regarding its future growth. The organization anticipates a revenue growth exceeding 75% in FY25, which is significantly higher than the expected 10-15% growth in India's digital advertising sector.
Additionally, the company has broadened its revenue sources beyond advertising through strategic acquisitions.
In April 2024, it purchased the global digital newsstand Magzter, which boasts a collection of over 8,500 premium magazines and newspapers, for an undisclosed amount.
In August, it acquired a majority stake in Valueleaf Group, a data-centric digital marketing organization, to enhance its ad exchange platform for Indian advertisers.
Furthermore, VerSe is concentrating on commerce-oriented initiatives, such as linking influencers with brands via VerSe Collab and monetizing live streaming through virtual gifts and tips for creators.
To date, the company has raised over $2 billion in funding, as reported.
In April 2022, it secured $805 million in a funding round led by the Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan Board, which valued the company at around $5 billion.
