Media Channels are responsible for impacting our daily lives. From news media to social there has been a sudden transition. Nowadays information is spread within seconds and this has reduced the time span of one looking at news. Thus, headlines are always stuck in our heads rather than the entire news. Sadly these headlines do not contain the entire news and create misconceptions. The youth is moving towards quick information and trends are changing monthly. Along with this, the traditional ways of news delivered are too long to be considered. It is news that assists people in being aware of their surroundings and the changes in them. However, interest in reading the traditional overloaded news has declined sharply.
This gap was identified by three IIT students Azhar Iqbal, Anunay Arunav, and Deepit Purkayastha. They being tech heads, envisioned a platform that delivered concise news information opposite to the information overload found in primitive news outlets. The journey began as a Facebook page in 2013 which later converted into a tycoon of media platforms. This marked the birth of Inshorts, an online news aggregator that delivered news in the form of snippets within a word limit of 60 words.
Recent In News
The Noida-headquartered firm announced in April 2024 the stepping down of co-founder Azhar Iqbal from the position of Chief Executive Officer (CEO). He will be the new chairman of the company. Deepit Purkayasta will be the new CEO of the firm.
First Traction
The B2C-modeled startup secured its first funding in April 2013. It was raised as seed funding and the amount was $4M. Following this, it raised $20M in a Series B round. The investment was led by Tiger Global Management.
Year-over-Year Analysis
For the financial year of 2020, the Media and Entertainment based startup generated an overall revenue of $10.264K. The total funding raised by the firm till then was $24.35M. The company incurred a net loss of $13.958K in FY22.
In FY21, the company had a valuation of $550M. The growth rate observed was 27.3% as the gross revenue increased to $13.070K in 2021. The news and media-providing platform raised another $30M funding this financial year totalling its overall funding to $54.35M. The net loss recorded in 2021 was $18.555K.
For the next financial year, the total revenue increased to $18.944K from $13.070K in previous financial year. The growth rate observed was 44.9%. The total funding raised by 2022 was $114.35M. The Noida-based company recorded a net loss of $31.821K this year.
As of 2023, the company valuation has declined now ranging between $450-$470M. The firm also recorded a reduction in the overall revenue generated to $18.298K in FY23 from $18.944K in the previous financial year. The B2C-modeled startup didn’t even manage to raise any funds this year. The net loss recorded was $36.385K.
For FY23-24, the firm is yet to register its financial record with the Registrar of the Companies. The firm although has not yet managed to raise any funds FY24 as well.
Expansion
The Media and Entertainment sector is expected to continue expanding strongly, with a Compound Annual Growth Rate (CAGR) of 3.77% for the next 4 years. This indicates a strong trajectory and presents a big opportunity for startups like Inshorts.
The future plans of the Noida-headquartered firm Inshorts includes global diversification as a prospective avenue. Concurrently, the expansion of Public’s clientele is on Inshorts’ agenda, showcasing a multi-faceted approach to sustained growth and impact. The firm aims to not only improves its news services but also to broaden its reach to encompass additional local dialects in order to get more views.
Competitors
DailyHunt has been its biggest competitor from a long time now. Other competitors include OneIndia, ReadItQuick, and Media update. Currently, InShorts has a market share of 24%.
Acquisitions
Content distributor app Inshorts acquired Bengaluru-headquartered BetaGlide- a startup that builds technology to optimise mobile applications. According to co-founder Azhar this acquisition will help in enhancing the mobile experience of customers.
