VerSe innovation achieves significant milestones in FY24: Clean audit opinion and reduced burn

Karnataka: VerSe Innovation Pvt Ltd, the parent company of Dailyhunt and Josh, has received a clean audit opinion from Deloitte on its consolidated financial statements for the financial year 2024 (FY24). 

Clean audit opinion highlights financial discipline

The clean audit opinion confirms that VerSe Innovation's FY24 financial statements accurately reflect its financial position and performance.  According to VerSe Innovation's spokesperson, "This clean audit opinion is a testament to our financial discipline and commitment to transparency."

FY24 performance reflects strategic shift

VerSe Innovation's FY24 performance demonstrates a strategic shift towards stability and financial prudence. Key highlights include:

•  EBITDA Burn Reduction: The company reduced its EBITDA burn by 51% to ₹710 Cr in FY24, showcasing significant cost containment and operational efficiency.
•  Revenue Growth: VerSe Innovation reported total revenue of ₹1,261 Cr, with an additional ₹232 Cr from non-operating income, highlighting the company's ability to generate revenue from diverse business streams.
• Cost Optimization: The company achieved a 17% reduction in Cost of Services and a 65% decrease in Business Promotion Expenses, contributing to improved financial performance.

Future outlook

VerSe Innovation is optimistic about its growth prospects, targeting 75%+ year-on-year revenue growth in FY25. The company also expects to turn profitable in the second half of CY25, driven by its AI-led expansion strategy. With its strong financial performance and growth opportunities, VerSe Innovation is well-positioned to deliver on its aspirations and create long-term value for its stakeholders.

Impact of clean audit opinion

The clean audit opinion from Deloitte is expected to positively impact VerSe Innovation's credibility and reputation, demonstrating its commitment to financial transparency and accountability. This achievement will likely attract more investors and partners, enabling the company to achieve its growth objectives.

VerSe innovation's commitment to excellence

VerSe Innovation's FY24 performance and clean audit opinion reflect the company's dedication to financial discipline and transparency. With its robust financial performance and growth prospects, VerSe Innovation is poised to meet its objectives and generate long-term value for its stakeholders.