PR Ramesh associated with Dailyhunt’s parent company VerSe Innovation, startup will now get a new flight

PR Ramesh Joins VerSe Innovation: PR Ramesh, former chairman of Deloitte India, has joined Versus Innovations, parent company of news aggregator Dailyhunt, call and chat app Josh, as an independent director. The company gave this information in a statement on Tuesday. The company said that in succession, Ramesh will also be the Chairman of the Audit Committee of the Board and will oversee financial reporting integrity, internal controls, enterprise risk management, regulatory compliance and audit process.

Ramesh has worked in these big companies

Ramesh currently serves or has served on the boards of many well-known listed and unlisted companies such as Air India, Cipla, Nestle India and Larsen & Toubro. His appointment to Versace’s board comes almost a year after the company’s then auditor, Deloitte, raised some issues with the company’s internal controls for fiscal year 2024.

They said these material weaknesses could lead to misstatements of accounting matters, including operating expenses, trade payables and expense account balances. However, in its audit report, Deloitte also said that these material weaknesses had no impact on its opinion on Consolidated Financials.

The company received more than $2 billion in funding.

Bengaluru-based VerSe Innovation, which has raised over $2 billion since its inception, is backed by companies like Canada Pension Plan Investment Board (CPPIB), Ontario Teachers’ Pension Fund, James Murdoch’s private investment firm Lupa Systems and Z47 (formerly Matrix Partners). It last raised $805 million in a funding round led by CPPIB in 2022, valuing it at about $5 billion.

Ramesh’s statement before joining the company

Ramesh said in a statement that VerSe India’s digital landscape I have built a very big scale business. With this scale comes the responsibility that governance systems, financial controls and risk oversight keep pace with growth. Strong institutions are built not only on innovation, but also on discipline and accountability. I look forward to working with the Board and management team to further strengthen these principles and help build a governance framework that supports sustainable, responsible growth.”

According to information received from the Registrar of Companies, apart from Ramesh and VerSe founders Umang Bedi and Virendra Gupta, the company’s board also includes Vikram Vaidyanathan of Z47, Nitin Kukreja of Lupa Systems, Prakul Kousiva of CPPIB, Yana Kachurina of Belgian investor Sofina, Neeraj Bhardwaj of Carlyle Group, Utsav Mitra of Alpha Wave Global and Deepak of Ontario Teachers’ Pension Plan. Dara is the director.

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How will Ramesh help the company?

Bedi said in the statement that to build a company that stands the test of time, strong governance and financial discipline are essential. As VerSe matures and sharpens its focus on sustainable growth, his (Ramesh’s) perspective will be instrumental in strengthening our governance standards and building stakeholder confidence.