InShorts, the prominent news aggregation app known for delivering concise news highlights, has undergone a significant leadership reshuffle. Co-founder Azhar Iqubal is transitioning from the role of CEO to Chairman, with fellow co-founder Deepit Purkayastha set to become the new Chief Executive Officer.
Azhar Iqubal, who has served as CEO for 11 years, expressed his excitement about the transition, stating, “After leading the company for 11 years as CEO, I have decided to step into the role of Chairman of the company. My co-founder, Deepit, who has been an instrumental part of our journey from the beginning, will take charge as the CEO of the company, and I am excited to see him lead our company to even greater heights.”
As Chairman, the shark tank judge Azhar Iqubal will continue to provide strategic guidance to the company, while Deepit Purkayastha takes on the responsibility of steering InShorts through its next phase of development as CEO.
Founded in 2013, InShorts has emerged as a leading short news app, boasting over 12 million active users and forging partnerships with more than 1,500 brands for marketing campaigns.
In 2020, the company expanded its digital footprint with the launch of the Public app, which has since garnered 70 million active users.
Deepit Purkayastha, who previously served as the company’s Chief Strategy Officer, expressed gratitude to Azhar Iqubal for his leadership, stating, “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.”
The transition in leadership comes amid financial developments for InShorts, including a modest 9% increase in revenue for the fiscal year ending March 2023, reaching Rs 181 crore.
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However, the company reported a deepening of losses by over 36%, resulting in a loss of Rs 310 crore in FY23 compared to Rs 232 crore in FY22.
Inshorts’ funding history includes a $60 million investment round in July 2021 led by Vy Capital, with participation from existing investors such as Tiger Global Management, A91 Partners, SIG, and Tanglin Venture Partners.
The company has raised a total of $165 million, positioning it for further expansion and innovation in the competitive digital news landscape.
