VerSe Innovations Gets Clean Audit From Deloitte For FY2024

VerSe Innovation private Limited, which is the parent company of short format, a news portal, DailyHunt has communicated that their long term audit company Deloitte has given them a clean sheet when it comes to the financial transactions for the financial year 2024.

According to their statement, Deloitte has given a clean audit opinion on VerSe Innovation’s financial statements for FY24. This means the company’s accounts fairly show its financial health and performance.

Although Deloitte pointed out some weaknesses in VerSe’s internal controls, they said it did not affect the accuracy of the financial statements. They also mentioned that some changes were made to past year’s figures.

VerSe Innovation, which owns Dailyhunt and Josh, saw a drop in operating revenue from ₹1,104 crore in FY23 to ₹1,029 crore in FY24. However, the company managed to reduce its losses from ₹1,909.7 crore to ₹889 crore, mainly by cutting down expenses.

Reportedly, VerSe is confident it can break even by the second half of FY25. The company plans to achieve this through product innovation, automation using AI, and expanding its revenue sources. It expects to grow its revenue by over 75% in FY25, which is much higher than the 10–15% expected growth in India’s digital advertising industry.

VerSe Innovation is now confident about breaking even in the FY 2025 due to their innovative ideation and innovative approach.