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Dailyhunt Parent VerSe Innovation Reports 17.5% Revenue Decline in FY24, Reduces EBITDA Loss by Half

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VerSe Innovation, the parent company of Dailyhunt, has experienced a notable decline in its revenue for the fiscal year 2024 (FY24), with total revenue decreasing by 17.5% to Rs 1,493 crore from Rs 1,809 crore in the prior year. Operating revenue also saw a decline of 13.5%, falling to Rs 1,261 crore in FY24 from Rs 1,457 crore in FY23.

According to the company’s financial statements, EBITDA plummeted by 51% during the same period, going from Rs 1,448 crore to Rs 710 crore.

Despite these revenue challenges, VerSe Innovation has reported reductions in key expenses. The company’s cost of services dropped by 17% to Rs 1,155 crore, while business promotional expenses saw a significant decline of 65%, plummeting from Rs 969 crore to Rs 339 crore over the last fiscal year.

Looking ahead, VerSe Innovation is optimistic about its future growth, expecting a revenue increase of over 75% in FY25, well above the predicted 10-15% growth for India’s digital advertising sector. The company is diversifying its revenue streams beyond advertising through strategic acquisitions.

In April 2024, VerSe acquired Magzter, a global digital newsstand boasting over 8,500 premium magazines and newspapers, for an undisclosed amount. In August, it secured a majority stake in Valueleaf Group, a data-driven digital marketing company, to enhance its ad exchange platform for Indian advertisers.

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Additionally, VerSe is exploring commerce-driven initiatives, such as connecting influencers with brands through VerSe Collab and monetizing live-streaming via virtual gifts and tips for creators. The company has raised over $2 billion in funding so far. In April 2022, it obtained $805 million in a funding round led by the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan Board, which valued VerSe at approximately $5 billion.

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Business

Pune FDA Seizes 3,800 Kg of Adulterated Mango Pulp in Major Crackdown

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In a major action against food adulteration, the Food and Drug Administration (FDA) in Pune has seized over 3,800 kilograms of mango pulp mixed with unsafe food colours.

The raid was carried out after officials received confidential information about illegal production activities in the district. Acting quickly, an FDA team traced the source to a manufacturing unit in Urse village in Maval taluka.

During the inspection, officers found that the mango pulp was being prepared using unauthorised food colours and other banned substances. These materials are not allowed under food safety rules and can be harmful to consumers.

The unit was reportedly operated by Mohammad Ekramul, also known as Akram Gulam. Authorities said the facility was violating multiple food safety regulations.

Officials immediately seized the adulterated stock and stopped further production at the site. The FDA has also begun investigating the supply chain to identify where the products were being distributed.

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READ MORE:98-Year-Old Nani Turns Entrepreneur, Inspires Millions With Gujarati Snacks

Authorities warned that strict action will be taken against those involved in food adulteration. They also urged the public to stay cautious while buying food products, especially during the mango season.

Further investigation into the case is currently underway.

 

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98-Year-Old Nani Turns Entrepreneur, Inspires Millions With Gujarati Snacks

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Ahmedabad: In an inspiring story of resilience and passion, 98-year-old Prabhavati Bhagwati from Ahmedabad has become a viral sensation for her small food business. She began selling traditional Gujarati snacks at the age of 91, proving that age is no barrier to pursuing one’s passion.

Prabhavati Bhagwati was born in 1927 and lived a happy life with her husband, Praful Bhagwati. The couple shared 68 years of marriage. However, her life changed in 2017 after her husband passed away. With her children living separately and her grandchildren grown up, she found herself alone at home.

Cooking had always been her way of expressing love. After her husband’s death, her kitchen felt empty and quiet. Instead of giving up, she decided to turn her passion into a purpose. At the age of 91, she started preparing and selling homemade Gujarati snacks.

Her food quickly gained popularity among locals. People admired not only the taste of her dishes but also her dedication and spirit. Today, at 98, she continues her work with the same energy and enthusiasm.

READ MORE :Drunk Driver Rams Car into Procession, 7-Year-Old Girl Killed

Prabhavati’s journey has inspired many across the country. Her story is widely shared on social media, where people praise her determination and positive attitude. She has become a symbol of strength, showing that it is never too late to start something new.

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Her life sends a powerful message: passion and purpose can give new meaning to life at any age.

 

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Tomato Prices Crash from Rs.1200 to Rs.80, Farmers in Distress

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Business: Tomato prices in Vijayanagara district have dropped sharply, causing heavy losses to farmers and traders. A box of tomatoes that was earlier sold for Rs.1000 to Rs.1200 is now being sold for just Rs.80 to Rs.100.

Due to the sudden fall in prices, farmers are struggling to recover their investment. Many had taken loans to grow the crop and are now facing financial difficulties.

In local markets, traders are selling tomatoes at very low rates. Around 2 to 4 kilograms of tomatoes are being sold for just Rs.20.

The price crash has been linked to multiple reasons. Export of tomatoes to other countries has reduced due to the Iran–Israel conflict. In addition, many hotels are not operating properly due to a shortage of cooking gas cylinders. This has reduced demand for tomatoes.

READ MORE :Man Shoots Two Stray Dogs Over Poultry Killing Allegation

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As a result, both farmers and sellers are facing serious losses, and the situation has become very difficult for them.

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