In today’s fast-paced world, finding time to relax and stay updated with current events can be challenging. The endless activities and lengthy work hours leave little room for leisure reading. However, staying informed brings a certain kind of happiness and encourages participation in global happenings. If you are someone who used to read news articles daily but now misses out on the most important news, Inshorts offers a solution. This innovative news app delivers news summaries in under 60 words, providing the most essential information without any opinions or narratives. In this article, we will delve into the journey of Inshorts, its business model, funding, competitors, and more.
Inshorts – Company Highlights
Startup Name: Inshorts
Headquarters: Noida, Uttar Pradesh, India
Sector: Digital Media, Internet, Mobile App, News
Founders: Azhar Iqubal, Deepit Purkayastha, and Anunay Arunav
Founded: 2015
Website: inshorts.com
Inshorts – About
Inshorts is one of India’s most popular news apps, aggregating news, infographics, and blog posts into concise 60-word summaries. It started as a Facebook page and was founded by three IIT dropouts in 2015. Headquartered in Noida, the firm specializes in information access and distribution and is available on both Android smartphones and iPhones.
Inshorts – Industry Insights
According to a Statista report, India’s digital newspaper and magazine market is expected to grow significantly, with revenues projected to reach INR 1,079.00 million by 2024. This growth trajectory presents a substantial opportunity for the digital media sector. The market is predicted to expand with a compound annual growth rate (CAGR) of 3.77% from 2024 to 2028, reaching a projected market volume of INR 1,251.00 million by that year. This continuous increase underscores the growing potential and importance of digital media consumption in India.
Inshorts – Founders and Team
Azhar Iqubal
Azhar Iqubal is the Co-Founder and Chairman of Inshorts. He began his career after quitting IIT Delhi’s Mathematics and Computer Science programs. His leadership has been crucial to the development of Inshorts. Notably, he served as Inshorts’ CEO for 11 years before becoming the Chairman. Additionally, he has joined Season 3 of Shark Tank India as a Shark, where his expertise is expected to impact the startup and investment world significantly.
Deepit Purkayastha
Deepit Purkayastha, Co-Founder and CEO of Inshorts, holds a degree in Computer Science and Engineering from IIT Kharagpur. He also served as a Summer Research Scholar at Charles University in Prague and as a Summer Employee at Goldman Sachs. Deepit’s tech background and entrepreneurial spirit have been pivotal in reshaping how people access news in the digital age.
Anunay Arunav
Anunay Arunav, Co-Founder of Inshorts, has an Integrated MTech in Mathematics and Computing from IIT Delhi. His internship at SparkTG provided him with valuable real-world experience. The company has 501-1,000 employees, according to LinkedIn.
Inshorts – Startup Story
The idea for Inshorts originated from the observations of three forward-thinking individuals who noticed the gap between Indian youth and traditional, long-form news formats. They started a Facebook page with news summaries in the “Shorts” format, realising the difficulties young people faced in keeping up with daily news. Encouraged by positive feedback, they decided to quit their education and dedicate themselves to their new business. In 2015, Inshorts was launched, aided by a seed round of funding from Times Internet and angel investors, including the Flipkart founders.
Inshorts – Mission and Vision
Mission: To provide seamless access to personalized and concise informative content locally and globally.
Vision: To be the global leader in digital information delivery.
Inshorts – Products and Services
Inshorts App
The Inshorts app stands out by selecting the most recent and relevant news from various domestic and international sources. It condenses complex stories into 60-word summaries tailored to individual preferences in Hindi or English. This makes it a go-to source for timely updates without the burden of traditional news consumption.
Public App
Public is a location-based social network that achieved significant user growth within six months of its beta launch, making it the fastest-growing Indian social app to reach this milestone. It allows users, especially in Tier II and III cities, to record and share real-time local updates, fostering community involvement and connectivity.
Inshorts – Business Model
Inshorts operates on a straightforward business model centered around providing quick, engaging, and personalised news updates. The app compiles content from various sources and distills it into concise 60-word synopses with attention-grabbing headlines. This approach aims to capture users’ attention and persuade them to spend a brief amount of time on the app daily. High user engagement is the main revenue driver, with cleverly placed advertisements.
Inshorts – Revenue Model
Inshorts generates revenue through various channels:
- Types of Advertising: Display ads and sponsored content increase revenue streams.
- Performance Metrics: Advertisers pay based on the performance of their campaigns, measured by impressions and interactions.
- Annual Contracts: Advertisers sign annual contracts to ensure a consistent revenue flow.
Inshorts – Challenges Faced
Inshorts faced challenges in the evolving landscape of vertical video formats, being an early adopter alongside giants like Facebook, Instagram, and Snapchat. Initially, the company struggled to innovate and spent a year developing a product that was never marketed. This strategy highlighted the importance of balancing development initiatives with consumer demands and strategically aligning innovation with user needs.
Inshorts – Funding and Investors
Inshorts has raised $164.9 million in nine funding rounds. Here are the funding details:
| Date | Stage | Amount | Lead Investor |
| Jul 15, 2021 | Venture Round | $60 million | Vy Capital |
| Mar 23, 2021 | Venture Round | $41 million | A91 Partners |
| Sep 30, 2020 | Venture Round | $35 million | Addition |
| Dec 8, 2017 | Venture Round | $5 million | Tiger Global Management |
| Jul 9, 2015 | Series B | $20 million | Tiger Global Management |
| Feb 15, 2015 | Series A | $4 million | Tiger Global Management |
| Jul 14, 2014 | Seed Round | – | – |
| Nov 15, 2013 | Seed Round | – | – |
| Sep 1, 2013 | Pre-Seed Round | $20k | – |
Inshorts – Mergers and Acquisitions
In October 2015, Inshorts acquired Betaglide, a Bangalore-based web analytics startup. The firm’s software, Retention.ai, tracks application uninstallation to improve client retention and was integrated into Inshorts.
Inshorts – Growth
The company has achieved remarkable growth:
- Presence in 660+ districts (as of January 2024).
- Delivers 1 million+ video local updates (as of January 2024).
- Shared 1 billion+ stories (as of January 2024).
- 60 million active users (as of January 2024).
- More than 100 million users on its platform (as of January 2024).
- Available in all major languages (as of January 2024).
Financials
| INSHORTS FINANCIALS | FY22 | FY23 |
| Operating Revenue | Rs 166 crore | Rs 181 crore |
| Total Expenses | Rs 399 crore | Rs 492 crore |
| Profit/Loss | Loss of Rs 232 crore | Loss of Rs 310 crore |
Expenses Breakdown: Total expenses rose from Rs 399 crore in FY22 to Rs 492 crore in FY23.
EBITDA Margin: -133% in FY22 to -143% in FY23.
Expenses/Rs of Op Revenue: Rs 2.40 in FY22 to Rs 2.72 in FY23.
Inshorts – Marketing Strategy
Inshorts distinguished itself with a unique marketing strategy:
- User-Focused Criteria: Prioritised user experience over traditional metrics like time spent on the platform.
- User-Friendly Interface: Ensured a good user experience with short stories without links.
- Personalisation: Provided relevant news based on user preferences.
- Strategic Data Analysis: Made decisions based on data to identify strengths and weaknesses.
- Customer-Based Approach: Designed the app to accommodate distinct information-gathering habits in various urban areas.
Inshorts has successfully revolutionised news consumption in India, making it easier for users to stay informed without dedicating significant time. Its journey from a Facebook page to a leading news app highlights the importance of innovation, user-centric design, and strategic growth. With a promising future in the expanding digital media market, Inshorts continues to redefine how news is accessed and consumed in the digital age.
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