News App InShorts Announces Deepit Purkayastha as CEO

InShorts is a popular news aggregator app based in Noida, India. Founded in 2013 by Azhar Iqubal, Deepit Purkayastha, and Anunay Pandey, the app provides concise summaries of news stories in 60 words or less, making it a convenient way to stay informed on the go. InShorts covers a wide range of topics, including politics, sports, technology, business, and world entertainment.

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In a recent announcement, InShorts revealed a shift in its company leadership. Azhar Iqubal, who has served as CEO since the company’s inception, will now take on the role of Chairman. Deepit Purkayastha, the co-founder alongside Iqubal, will step up as the new CEO. This move signifies a new chapter for InShorts, with Purkayastha taking the reins at the helm.

The leadership change comes amidst a period of expansion for InShorts. In 2022, the company bolstered its team with key appointments, including Nikhil Taneja as head of corporate development and investor relations, Pavit Singh Katoch as general counsel, and Abhijeet Ranjan as chief revenue officer of their hyperlocal content platform, Public.

InShorts boasts over 12 million active users, indicating a significant user base for the app. Additionally, the company has partnered with over 1,500 brands for marketing campaigns, showcasing its reach and influence in the mobile advertising space.

In 2020, InShorts launched a hyperlocal content platform called Public. This platform has seen impressive growth, claiming to have over 70 million (approximately 583 Crores INR) active monthly users (MAU).

InShorts has secured a total of $140 million (approximately 1,167 Crores INR) in funding to date, with a separate $41 million (approximately 341 Crores INR) specifically allocated for the Public app. The company’s investor pool includes prominent names like Vy Capital, Lee Fixel’s Addition, Tiger Global, SIG, A91, and Tanglin Venture Partners.

According to startup data intelligence platform TheKredible, Iqubal and Purkayastha each hold a 2.02% stake in InShorts, with the third co-founder, Anunay Pandey, owning 1.8%. Addition is the largest external stakeholder, holding a 29% stake in the company.

InShorts has demonstrated consistent growth, with a 9% increase in revenue from operations in FY23 compared to FY22. However, the company’s financial statements for FY23 reveal a loss of Rs 310 crore alongside a revenue figure of Rs 181 crore. While FY23 saw a slower revenue growth rate compared to the nearly 45% growth recorded in FY22, InShorts continues to show a positive trajectory.

InShorts’ leadership shakeup with Deepit Purkayastha taking over as CEO signals a new phase for the company. With a strong user base, strategic partnerships, and a growing hyperlocal platform (Public), InShorts is well-positioned for continued success. The company’s financial performance indicates growth potential, and future financial statements will be crucial in understanding the impact of the leadership change and the company’s overall progress.

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