PR Ramesh, former chairman of Deloitte India, has joined VerSe Innovation, the parent company of news platforms Dailyhunt and the short-video app Josh, as an independent director, the company said in a statement on Tuesday.
Key Responsibilities at VerSe
At VerSe, Ramesh will also head the audit committee and will be responsible for overseeing financial reporting, internal controls, risk management, regulatory compliance, and audit functions.
Strong Industry Experience
He brings extensive experience to the role, having served on the boards of several major companies, including Air India, Cipla, Nestle India, and Larsen & Toubro.
Background and Context
His appointment comes nearly a year after VerSe’s then auditor, Deloitte, highlighted concerns regarding internal controls for FY24. The audit pointed out material weaknesses that could potentially impact accounting accuracy, including areas like operating expenses and trade payables. However, Deloitte clarified that these issues did not affect its overall opinion on the company’s consolidated financial statements.
Growth and Investor Backing
Bengaluru-based VerSe Innovation has raised over $2 billion in funding since its inception and is supported by major global investors such as Canada Pension Plan Investment Board (CPPIB), Ontario Teachers’ Pension Fund, Lupa Systems, Z47 (formerly Matrix Partners), and others. The company last raised $805 million in 2022 in a round led by CPPIB, giving it a valuation of around $5 billion.
Ramesh on Governance and Growth
Ramesh said VerSe has established a strong presence in India’s digital ecosystem, but as the company expands, it must ensure its governance systems, financial controls, and risk oversight evolve accordingly. He emphasized that lasting institutions are built on both innovation and strong discipline.
Board and Leadership Strength
Along with Ramesh, the VerSe board includes founders Umang Bedi and Virendra Gupta, as well as representatives from investors such as Z47, Lupa Systems, CPPIB, Sofina, Carlyle Group, Alpha Wave Global, and Ontario Teachers’ Pension Plan.
Focus on Trust and Long-Term Growth
Founder and CEO Umang Bedi highlighted that strong governance and financial discipline are key to building a sustainable company. He added that Ramesh’s experience will help strengthen governance practices and boost confidence among stakeholders as VerSe continues to scale.
