VerSe Innovation Pvt. Ltd, the parent of news aggregator Dailyhunt and short-video platform Josh, has laid off 5% of its employees at its mid-year performance review to cut costs and streamline operations.

“Considering the economic climate we have evaluated our strategic priorities. For long-term viability of our business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and teams,” said Umang Bedi, co-founder, VerSe.

In April, the company raised $805 million at a valuation of $5 billion in a round led by CPP Investments, which infused $425 million. New investors, Ontario Teachers’ Pension Plan Board, Sumeru Ventures and Luxor Capital, as well as existing backers Sofina Group and Baillie Gifford also participated in the round.

During the round, Chinese investor ByteDance sold its entire stake to two Canadian investors including Ontario Teachers’ Pension Plan Board, and the Canada Pension and Plan Investment Board (CPPIB).