DailyHunt to vacate Bengaluru office, save Rs 60 lakh a month in rent

VerSe Innovation, the parent company of DailyHunt and Josh, is vacating its current office space in Bengaluru’s Bellandur area to reduce costs and streamline operations. The move is expected to lower rental expenses by Rs 60 lakh per month — about Rs 7.2 crore annually — sources told Moneycontrol.

The office, originally designed for 700 employees, costs the company around Rs 1.2–1.3 crore a month in rent. VerSe will now move to a nearby location with rent in the range of Rs 60–70 lakh per month, effectively halving its real estate spend.

“We are relocating from our current office space to an adjacent one as part of our ongoing effort to optimize costs,” a VerSe Innovation spokesperson confirmed.

The move aligns with broader cost-cutting efforts. The company has undergone at least three rounds of layoffs since November 2022, reducing headcount by around 550–600 employees, according to media reports.

This comes amid a tough financial year for VerSe. While its operating revenue dropped to Rs 1,029 crore in FY24 from Rs 1,104 crore in FY23, the company managed to narrow its net loss to Rs 889 crore, down from Rs 1,909.7 crore a year earlier. A previous version of its FY24 financials had pegged revenue at Rs 1,261 crore, with an EBITDA loss of Rs 710 crore, citing changes in accounting methodology.

VerSe is not alone in downsizing office space to cut costs. Other Indian startups — including Byju’s, DealShare, Udaan, and Dunzo — have taken similar steps in recent quarters to manage burn and extend their cash runways.

Backed by the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan, VerSe Innovation last raised $805 million in April 2022 at a $5 billion valuation. Though it had been preparing for an IPO, those plans are now on hold as the company focuses on stabilising operations before a public market debut.

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