150 people, or 5% of its staff, were let go by the unicorn tech company VerSe Innovation, which has its headquarters in India.
This comes following the company’s biannual performance management cycle, which was used to reduce expenses and simplify staff.
In order to “guarantee long-term profitable growth,” the corporation also implemented an 11% compensation reduction for employees making above 1 million rupees ($12,242) yearly.
VerSe runs two platforms: the news aggregation Dailyhunt, which as of June had over 350 million monthly active users, and the 100 million-download short-video app Josh.
VerSe, which was established in 2007 by Umang Bedi and Virendra Gupta with funding from Google and Microsoft, was valued at $5 billion after receiving US $805 million in April.
This month, there have been a number of layoffs in India’s IT industry as a result of the present macroeconomic difficulties. Employees were let off by companies including Zomato, Plum, Udaan, and Chargebee during November.
