Bengaluru, March 26 VerSe Innovation, the parent company of Dailyhunt, has reported a significant decline in revenue for the financial year 2024 (FY24), as the company's total revenue dropped by 30.3 per cent.
This fiscal, the company clocked a revenue of Rs 1,261 crore as compared to Rs 1,809 crore in FY23.
According to its financials, the company's EBITDA also shrank by 51 per cent during the same period, decreasing from Rs 1,448 crore to Rs 710 crore.
Despite the revenue decline, VerSe Innovation highlighted cost reductions in key areas.
The company's cost of services fell by 17 per cent to Rs 1,155 crore, while business promotional expenses dropped by 65 per cent from Rs 969 crore to Rs 339 crore during the last fiscal year.
VerSe Innovation is optimistic about its growth prospects. The company expects a revenue increase of over 75 per cent in FY25, surpassing the anticipated 10-15 per cent growth in India's digital advertising sector.
The company has also expanded its revenue streams beyond advertising through acquisitions.
In April 2024, it acquired global digital newsstand acquired Magzter, with a library of more than 8,500 premium magazines and newspapers, for an undisclosed sum.
In August, it took a majority stake in Valueleaf Group, a data-driven digital marketing firm, to strengthen its ad exchange platform for Indian advertisers.
Additionally, VerSe is focusing on commerce-driven initiatives, such as connecting influencers with brands through VerSe Collab and monetizing live-streaming through virtual gifts and tips for creators.
The company has raised over $2 billion in funding to date, according to reports.
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, valuing the company at approximately $5 billion.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor