VerSe Innovation, the parent company of DailyHunt and short-video app Josh, is vacating its current office in Bengaluru’s Bellandur area as part of a strategic cost-cutting move. The shift to a smaller space nearby is expected to save the company ₹60 lakh per month, or ₹7.2 crore annually, according to a Moneycontrol report.
🏢 Office Move Driven by Cost Optimization
The current office, designed for 700 employees, carries a rent burden of ₹1.2–1.3 crore per month. The new facility—located in the same vicinity—is priced between ₹60–70 lakh monthly. This significant reduction aligns with the company’s ongoing efforts to trim operational expenses amid financial pressures.
A VerSe Innovation spokesperson confirmed the development, saying, “We are relocating from our current office space to an adjacent one as part of our ongoing effort to optimize costs.”
🔄 Headcount Reduction Paved the Way
DailyHunt’s shift comes after multiple rounds of layoffs, where the company reportedly let go of 550–600 employees across three rounds since November 2022. This downsizing has reduced the company’s need for expansive workspace, making the relocation more practical.
📉 Financial Context
VerSe Innovation has been grappling with mounting losses:
- FY24 Operating Revenue: ₹1,029 crore (down from ₹1,104 crore in FY23)
- FY24 Net Loss: ₹889 crore (improved from ₹1,909.7 crore in FY23)
The company initially reported ₹1,261 crore in FY24 revenue and an EBITDA loss of ₹710 crore, attributing changes to revised accounting practices. FY25 financials are yet to be filed.
🧭 Strategic Shift as IPO Delayed
While VerSe was eyeing an IPO in 2025, those plans have been put on hold. The company is now focused on stabilizing its finances before entering public markets.
VerSe last raised $805 million in 2022 at a valuation of $5 billion, led by the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board. It has secured over $2 billion in funding to date from backers like Peak XV Partners.
🧾 Not the First Cost-Cutting Move in Indian Startup Scene
DailyHunt is joining a growing list of Indian startups—including Byju’s, Udaan, Dunzo, and DealShare—that have vacated costly office spaces to cut overhead and extend cash runway. These shifts reflect broader trends in startup real estate strategy amid a tough funding climate.
✅ Final Thoughts
The DailyHunt office relocation is a clear reflection of VerSe Innovation’s evolving strategy to stay financially lean amid shifting market dynamics. By halving its rental expense in Bengaluru, the company hopes to strengthen its balance sheet and prepare for more sustainable long-term growth.
