In a significant move, Azhar Iqubal, the co-founder of Inshorts, a popular news aggregator platform, has decided to step down from his position as CEO. However, this isn’t an exit from the company; rather, it marks a transition to a new role as Chairman. Taking the reins as the new CEO is Deepit Purkayastha, another co-founder of the company.
Transition Statement
Deepit Purkayastha expressed his gratitude towards Azhar Iqubal for his exemplary leadership over the past 11 years. He conveyed his excitement about leading Inshorts into its next phase of growth. In his statement, Azhar Iqubal voiced his confidence in Purkayastha’s abilities to steer the company towards even greater success in the future.
Company Background
Established in 2013, Inshorts has revolutionized the way people consume news by summarizing articles across various categories into just 60 words. Additionally, the company ventured into the social networking space with the launch of the Public app in 2020, which is based on location.
Investment and Competition
Inshorts has garnered substantial support from notable investors such as Vy Capital and Tiger Global, raising over $100 million in funding. Despite its strong backing, the company faces stiff competition from rivals like DailyHunt, operated by Ver Se Innovation.
Financial Performance
The latest financial report from Inshorts reveals a 33% increase in net loss, amounting to INR 310 crore in the fiscal year 2023. However, amidst the challenging landscape, the company managed to achieve a modest 9% year-on-year revenue growth, reaching INR 181 crore.
Industry Trends
The decision to reshuffle the top leadership at Inshorts mirrors similar strategic changes observed in other Indian startups like MyGate and Beardo. This trend underscores a broader pattern of organizational realignments occurring within the Indian startup ecosystem, possibly in response to evolving market dynamics and the pursuit of sustainable growth strategies.
In conclusion, while Azhar Iqubal’s transition marks the end of an era in his role as CEO, it signifies a new chapter for Inshorts under the stewardship of Deepit Purkayastha. With a track record of innovation and resilience, Inshorts remains poised to navigate the competitive landscape and continue delivering concise and impactful news to its vast user base.
