A Pay Cut and 150 Layoffs are Announced at Verse Innovation

 


Original Content- Business Upside India 

An Indian company, Verse Innovation, which built news aggregator Dailyhunt, short video platform Josh, and hyperlocal video tool PublicVibe, laid off 150 workers, or 5% of its 3,000 employees.

Sources report that the change will increase efficiency and reduce costs. For workers making more than Rs 10 lakh annually, the corporation has imposed a pay cut of up to 11%.

About Verse Innovation

Employees with knowledge of the situation said that the Bengaluru-based company notified affected employees on Friday and announced salary cuts to its remaining employees separately on Monday. The Bengaluru-based startup’s co-founders, Umang Bedi and Virendra Gupta stated in a town hall meeting that it has decided to fire 150 workers or 5% of its workforce. Additionally, they disclosed an 11% wage reduction for the remaining workers making at least ten lakhs annually.

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