VerSe Innovation, the company behind content platform Dailyhunt and popular short-form video app Josh, has announced its plan to lay off 350 employees.
“To build a more future ready organization where talent is cross leveraged across business units and resources are directed towards growth segments, the company will streamline its workforce by approximately 350 roles this month” a spokesperson from VerSe shared.
Citing the move as part of its restructuring, VerSe aims to streamline operations, boost efficiency, and drive profitability by incorporating artificial intelligence (AI) into its operations. The VerSe spokesperson stated that the company is undergoing “strategic transformation to build a more agile, focused, and future-ready organisation.”
“The restructuring is part of a broader, well-thought-out plan that includes investing heavily in AI, aligning the company’s structure with long-term goals, and focusing resources on high-growth areas,” the VerSe spokesperson elaborated.
In a bid to improve efficiency, VerSe has started automating many of its manual operations using AI tools. This move is also intended to help the company keep up with the latest digital trends in the industry. With these actions, VerSe is hoping to focus on its growth drivers in order to increase its profitability by the end of the current fiscal year.
“The company’s growth strategy is bolstered by investments in AI-led tools and platforms, such as the AdTech platform NexVerse.ai, the subscription service Dailyhunt Premium in partnership with Magzter, and VerSe Collab, a platform for managing influencer campaigns,” the VerSe spokesperson added.