VerSe Innovation implements a 11% salary cut, declares to layoff 150 employees

The technology platform has cited the current economic climate for these strategic business considerations

Nov 29, 2022 03:03:00 PM | Article | Campaign India Team Share -

VerSe Innovation has announced strategic business developments to tackle the ongoing economic conditions. 

The technology platform that hosts a family of apps such as Josh, Dailyhunt and PublicVibe, has laid off 150 of its employees. 

The company informed the impacted employees on Friday and separately held a town hall meeting on Monday, where it announced pay cuts to its remaining staff. 

To ensure long-term profitable growth, the company has implemented a 11% salary cut for all employees with salaries above 10 lac per annum.

This news comes to the limelight after Josh's country manager, Rubeena Singh, puts down her papers.

Umang Bedi, co-founder, VerSe Innovation, said, "Given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and our teams. This has impacted 5% of our 3000-strong workforce. To ensure long-term profitable growth, we have exercised fiscal and employee prudence and implemented an 11% salary cut for all individuals with salaries above 10 lac per annum."