VerSe Innovation, the parent company of news aggregator platform DailyHunt and short-video platform Josh, laid off around 150 employees, or nearly 5% of its total workforce of 3,000, last week.
Furthermore, the startup has decided to implement an 11% pay cut for employees earning more than INR 10 lakh per year, according to the sources. “In light of the current economic climate, we, like other businesses, have reviewed our strategic priorities.” The majority of those affected by the layoffs work for VerSe’s short-video platform Josh. According to Inc42’s layoff tracker, Indian startups have laid off over 16K employees so far in 2022, despite a funding winter.
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VerSe Innovation, the parent company of news aggregator platform DailyHunt and short-video platform Josh, laid off around 150 employees, or nearly 5% of its total workforce of 3,000, last week.
Furthermore, the startup has decided to implement an 11% pay cut for employees earning more than INR 10 lakh per year, according to the sources. “In light of the current economic climate, we, like other businesses, have reviewed our strategic priorities.” The majority of those affected by the layoffs work for VerSe’s short-video platform Josh. According to Inc42’s layoff tracker, Indian startups have laid off over 16K employees so far in 2022, despite a funding winter.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
