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VerSe Innovation, the parent company of Dailyhunt and short-video platform Josh, has appointed veteran finance executive Prakashan Manikoth as Group Chief Financial Officer. Based in Bengaluru, Manikoth will oversee VerSe’s global finance operations, focusing on strategic planning, investor relations, M&A, capital allocation, and governance frameworks, the company said in a statement. He will also lead the company’s IPO readiness efforts, “backed by strong financial discipline, transparent reporting, and robust internal controls,” according to VerSe. “We are delighted to welcome Prakashan to VerSe Innovation’s leadership team. His deep domain expertise and proven experience across global technology enterprises make him the perfect partner to guide our financial strategy as we accelerate toward becoming India’s first global AI-led technology powerhouse," Umang Bedi, Co-founder of VerSe Innovation, said. Manikoth, a chartered accountant and alumnus of IIM Calcutta, brings more than 25 years of experience across technology and finance. He previously served as CFO of SaaS company LeadSquared. Earlier in his career, he held senior finance roles at Wipro and Tata Group units, including TCS and Tata Teleservices. VerSe Innovation’s finance team has faced turbulence over the past year. Former Group CFO Sandip Basu resigned in April, citing health reasons. The resignation came amidst delays in the company’s FY24 audit filing. Basu's exit was followed by the exits of senior executives Rajiv Sikaria and Piyush Agarwal. Sikaria, who spent nearly three years at VerSe, oversaw M&A and served as finance chief for BMEG and BMEG MENA, while Agarwal headed finance for Dailyhunt, managing investor relations and corporate finance. Speaking on his appointment, Manikoth said, “I am thrilled to join VerSe Innovation at such a transformative time in its journey. VerSe is redefining how Bharat engages with content, creators, and commerce—powered by cutting-edge AI and bold ambition.” The company reported 88% revenue growth in FY25, reaching Rs 2,071 crore, while reducing its cash burn by 20%. It expects to achieve group-level profitability in the second half of the fiscal year, supported by its expanding AI-first product portfolio, which includes NexVerse.ai, Dailyhunt Premium, Josh, and VerSe Collab. Founded as a local-language content platform, VerSe now claims to serve more than 350 million users through Dailyhunt. Its backers include CPP Investments, Ontario Teachers’ Pension Plan, Qatar Investment Authority, Carlyle Group, Baillie Gifford, Goldman Sachs, and others. (Edited by Kanishk Singh)
