Campaign India Team
Nov 29, 2022

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

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

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."

Campaign India

Related Articles

Just Published

19 hours ago

Kondurkar Studio responds to ideation controversy ...

The studio credited for the ideation behind the Cannes Lion-winning 'The Steel of India' film claims it is being unfairly targeted for criticism over Wieden + Kennedy's claims to be the originator of the work.

21 hours ago

South Asia Agency of the Year Awards 2024

Celebrating your excellence at Agency of the Year

22 hours ago

Birla Opus' feel-good animated film paints a new ...

‘Make Life Beautiful!' features an animated colourless world, made vibrant by a kid who beautifies spaces with his magical touch

22 hours ago

MasterChow takes retail route as it aims for higher ...

The D2C brand is working on an omni-channel approach, has increased marketing spends by 20% and is aiming to pick 10% Indian market share over the next few years.