Bengaluru-based VerSe Innovation has appointed former Deloitte India chairman PR Ramesh as an independent director on its board, the company said in a statement on Tuesday. VerSe is the parent company of news aggregator Dailyhunt and short-video platform Josh.
Ramesh will also chair the audit committee of the board to strengthen financial reporting, internal controls, risk management and regulatory compliance, the company said.
VerSe co-founder Umang Bedi said the addition of Ramesh will help improve the company’s governance standards and reinforce stakeholder confidence as the company expands its AI-driven content ecosystem.
The appointment is crucial as it comes after Deloitte flagged issues at the company regarding internal controls in FY24. The auditor said that such “material weaknesses” could lead to misstatements in operating expenses, trade payables and expense account balances.
The appointment comes at a time when VerSe Innovation is making efforts to sharpen its focus on scale, profitability and long-term sustainability of the business.
Ramesh has over four decades of experience in corporate governance, financial oversight and regulatory advisory.
A chartered accountant by training, he has previously served on the boards of several large Indian companies and has been part of policy and regulatory discussions at institutions such as Sebi (Securities and Exchange Board of India) and RBI (Reserve Bank of India).
He currently serves or has served on the boards of companies such as Air India, Cipla, Nestle India and Larsen & Toubro.
The move signals VerSe’s intent to strengthen institutional processes as it transitions from a high-growth startup to a more mature technology platform.
The company has raised over $2 billion with backing from investors such as Canada Pension Plan Investment Board (CPPIB), Ontario Teachers' Pension Fund, James Murdoch's private investment firm Lupa Systems, and Z47 (formerly Matrix Partners).
Strong governance and financial discipline are increasingly becoming critical for late-stage startups, especially those operating at scale and preparing for potential public market scrutiny.
