InShorts, an online news aggregator, experienced a modest 9% increase in revenue in 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.
The company's financial strain is partly due to its investment in the location-based social network app, Public. Launched in late 2019, Public has garnered nearly 220 million downloads, but InShorts has not revealed the app's specific revenue figures.
The company's overall expenditure, including content and employee benefits costs, rose significantly, indicating a strategic focus on growing the Public app.
InShorts' main income, advertising, earned Rs 147 crore, up 4.3% from last year. The company's total FY23 expenses were Rs 492 crore, significantly up from Rs 399 crore in FY22, mainly due to increased content, employee, and operational costs.
The company's directors, Harshil Dhingra and Deepit Purkayastha, each drew a salary of Rs 1.47 crore in FY23. The increased expenditure on employee benefits and content creation suggests a strategic push towards enhancing the Public app.
Founded in 2013 by Azhar Iqubal and Deepit Purkayastha, Inshorts summarizes news articles from different categories in 60 words. The platform claims to be India's largest short news aggregator platform, with best-in-class retention and a strong user base in Tier-I cities.
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