InShorts Azhar Iqubal steps down from CEO role; co-founder Deepit Purkayastha to take over

Inshorts has announced a major shift in its executive team. Co-founder Azhar Iqubal steps up as the company's new chairman, passing the CEO baton to fellow co-founder Deepit Purkayastha.

“After leading the company for 11 years as CEO, I have decided to step into the role of Chairman. My Co-founder, Deepit, who has been an instrumental part of our journey from the beginning, will take charge as CEO, and I am excited to see him lead our company to even greater heights," Azhar Iqubal said.

Azhar Iqbal's Role as the Chairman

Azhar Iqubal, who has also appeared as a judge on Shark Tank India, has decided to transition from CEO to chairman after an 11-year tenure at the company's forefront.

In his new role, Iqubal aims to continue guiding Inshorts towards becoming a major and profitable internet entity in India. "I remain committed to our vision and mission of building a large and profitable internet company in India, Iqubal said.

Who is Deepit Purkayastha?

Deepit Purkayastha, co-founder of InShorts, will take over as the new Chief Executive Officer (CEO). Prior to this, he was the company's Chief Strategy Officer. 

“Azhar has led from the front through ups and downs. I thank Azhar on behalf of the company and I feel honored to take on the role of CEO to lead the company through the next phase of growth,” said Deepit Purkayastha, Co-founder and CEO of Inshorts.

Inshorts growth

Founded in 2013, Inshorts has grown to become a leading short news app based in Noida, boasting over 12 million active users. The company has forged partnerships with more than 1,500 brands for marketing campaigns. In 2020, it expanded its digital footprint with the launch of the Public app, now engaging 70 million active users.

In 2022, Inshorts made strategic additions to its leadership team, 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 Public app. 

Funding and investors

In July 2021, Inshorts raised $60 million in funding from Vy Capital, with participation from existing investors. The company is backed by top venture capital firms, including A91 Partners, SIG, Tiger Global Management, and Tanglin Venture Partners.

It recently reported a modest 9% increase in revenue for the fiscal year ending March 2023, reaching Rs 181 crore. Despite this growth, the company's losses deepened by over 36%, resulting in a loss of Rs 310 crore in FY23 compared to Rs 232 crore in FY22.