Google, Microsoft-backed VerSe Innovation lays off 150 employees

VerSe Innovation, an India-based tech unicorn, has laid off 150 employees, equivalent to 5% of its workforce.

VerSe Innovation co-founders Umang Bedi (left) and Virendra Gupta / Photo credit: Dailyhunt

This comes after the firm conducted its bi-annual performance management cycle to streamline its costs and teams.

The company says it has also put in place an 11% salary cut for staff earning over 1 million rupees (US$12,242) annually to “ensure long-term profitable growth.”

VerSe operates two platforms: news aggregator Dailyhunt, which had over 350 million monthly active users as of June, and short-video app Josh, which has 100 million downloads.

Founded in 2007 by Umang Bedi and Virendra Gupta and backed by Google and Microsoft, VerSe was valued at US$5 billion after raising US$805 million in April.

The current macroeconomic conditions have prompted a round of layoffs in India’s tech scene this month. Firms such as Zomato, Plum, Udaan, and Chargebee have let go of employees throughout November.

See also: Tracking layoffs across Asia’s startup ecosystem (Updated)

Currency converted from Indian rupees to US dollars: US$1 = 81.65 rupees.