Deloitte Gives Clean Audit Opinion on VerSe Innovation's FY24 Financials

BusinessWire India
Bengaluru (Karnataka) [India], April 30: VerSe Innovation Pvt Ltd, the parent company of leading content platform Dailyhunt and popular short-video app Josh, today announced that its longstanding auditor, Deloitte, has issued a clean opinion on the company's consolidated financial statements for the financial year 2024 (FY24). Deloitte's clean audit opinion affirms that VerSe's FY24 financial statements present a true and fair view of the company's financial position and performance.
"Deloitte, VerSe Innovation's long-term auditor, has issued a True and Fair view of our FY24 Consolidated Financial Statements, providing a clean audit opinion on our financials. While Deloitte identified certain internal control weaknesses, their report has clearly confirmed that these findings do not impact their opinion on the Consolidated Financial Statements, which is True and Fair. We are fully committed to strengthening our internal controls and remain confident in our plan to achieve break-even in the second half of this fiscal year." - VerSe Innovation spokesperson.
"We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Consolidated Financial Statements of the Company for the year ended March 31, 2024, and these material weaknesses do not affect our opinion on the said Consolidated Financial Statements of the Company (our report on the Consolidated Financial Statements includes Emphasis of Matter paragraph in respect of retrospective adjustments made in the corresponding figures for the year ended March 31, 2023)." - Deloitte (as per the MCA fillings).

VerSe Innovation FY24 Performance: Strategic Shift and Financial Discipline
FY24 marked a pivotal year of recalibration and stability for VerSe Innovation. Key financial highlights include:
* A 51% year-on-year reduction in EBITDA burn, from Rs. 1,448 Cr in FY23 to Rs. 710 Cr in FY24 (excluding non-cash expenses)
* Total revenue of Rs. 1,261 Cr, with an additional Rs. 232 Cr from non-operating income
* A 17% reduction in Cost of Services, from Rs. 1,389 Cr in FY23 to Rs. 1,155 Cr in FY24
* A 65% reduction in Business Promotion Expenses, down from Rs. 969 Cr in FY23 to Rs. 339 Cr in FY24

Momentum into FY25: Innovation at Scale
Building on the operational discipline and platform strength achieved in FY24, VerSe is entering FY25 projecting revenue growth to exceed 75%, significantly outpacing India's digital advertising industry, which is projected to grow at 10-15%.

Looking Ahead:
VerSe Innovation is on track to achieve break-even in H2 2025, led by a combination of product innovation, AI-led automation, and revenue expansion.
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