News aggregator InShorts has announced changes in company leadership. Azhar Iqubal, the co-founder and chief executive officer (CEO) of InShorts will now be the company’s chairman. Iqubal has been leading the Noida-based firm since its inception in 2013.
Deepit Purkayastha, who is co-founder of the firm, will take charge as CEO.
In 2022, the firm appointed Nikhil Taneja as head of corporate development and investor relations; Pavit Singh Katoch as general counsel; and Abhijeet Ranjan as chief revenue officer of Public app.
InShorts summarizes news stories in 60 words for handy consumption on smartphones and covers beats including politics, sports, tech, business, and world entertainment, among others.
InShorts app claims to have over 12 million active users and has tied up with over 1,500 brands for marketing campaigns. The firm also launched a hyperlocal content platform called Public in 2020 which claims to have 70 million active monthly users (MAU).
The company has raised $140 million to date, including a separate $41 million for the Public app. Its investors include Vy Capital, Lee Fixel’s Addition, Tiger Global, SIG, A91 and Tanglin Venture Partners.
According to startup data intelligence platform TheKredible, Iqubal and Purkayastha own 2.02% stake each in InShorts while the third co-founder Anunay Pandey owns 1.8%. Addition is the largest external stakeholder in the company with 29%.
InShorts has been growing at a steady pace and this could be evident from its 9% growth in its revenue from operations in FY23 as compared to FY22. It recorded Rs 181 crore in revenue and Rs 310 crore loss during FY23, according to its standalone financial statements. Unlike FY23, it booked nearly 45% growth in revenue in FY22.
