VerSe Innovation, the parent of news aggregator Dailyhunt and short-video platform Josh, has seen two investment funds managed by Baillie Gifford mark down the value of their holdings by around 80% over different periods.
Pacific Horizon Investment Trust valued its holding in VerSe at £4.08 Mn as of July 2026, down 51.4% from £8.39 Mn a year earlier. The holding’s value has fallen 80.3% from £20.69 Mn ($27.7 Mn) in July 2024.
Separately, The Schiehallion Fund valued its VerSe holding at $7.47 Mn as of August 2026, down 78.2% from $34.31 Mn in January 2025.
ET reported that Schiehallion’s investment represented a 1.3% stake in VerSe, implying a company valuation of about $576 Mn – nearly 90% below its $5 Bn valuation in 2022.
The implied valuation reflects the fund’s assessment of its investment, rather than a price established through a fresh funding round.
VerSe’s $5 Bn Valuation Under Pressure
VerSe last raised a major funding round in April 2022, when it secured $805 Mn at a reported valuation of $5 Bn.
In August 2024, TechCrunch reported that investor 360 ONE had valued VerSe at around $2.9 Bn, about 42% below its 2022 valuation.
VerSe disputed that interpretation, saying the assessment did not represent its overall valuation and that other investors continued to value it at around $5 Bn. At the time, the company also said it had not conducted a price-discovery funding round since April 2022.
The latest portfolio disclosures show that investors continue to reassess the value of their holdings. However, they do not establish a definitive company-wide valuation.
Founded in 2007 by Virendra Gupta and later joined by cofounder Umang Bedi, VerSe Innovation operates news aggregator Dailyhunt and short-video platform Josh. The company has raised nearly $1.7 Bn across funding rounds from investors including Google, Microsoft, Peak XV Partners, Ontario Teachers’ Pension Plan, and Luxor Capital.
Revenue Growth, Lower Burn
Schiehallion had flagged concerns about VerSe’s performance in its interim report for the six months ended July 2025. The fund cited a deterioration in the company’s trajectory, including declining revenue, as the reason for a substantial downward revaluation during that period.
VerSe subsequently reported an improvement in its FY25 financial performance. According to the company, operating revenue rose 88% to ₹1,930 Cr from ₹1,029 Cr in FY24. Excluding acquisitions, operating revenue grew 33% to ₹1,373 Cr.
Its EBITDA burn, excluding non-cash expenses, narrowed 20% to ₹738 Cr from ₹920 Cr.
VerSe has been betting on acquisitions and adtech to diversify revenue. Its 2024 acquisition of Valueleaf was intended to strengthen advertiser targeting through NexVerse.ai, while Magzter expanded its subscription content business beyond advertising.
Meanwhile, Josh has faced declining users and monetisation challenges, prompting it to explore paid audio calls and other revenue streams. VerSe has also been automating manual processes as part of its shift towards AI-led operations.
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