Inshorts India Advertising And Services' turnover swells to Rs 81.74 cr in FY20

The platform had recently announced that it is experimenting with new ad formats in collaboration with the automobile sector

e4m by exchange4media Staff
Updated: Apr 16, 2021 9:03 AM
inshorts

Inshorts India Advertising And Services, a subsidiary of Singapore-based Inshorts Pte Ltd, has reported a turnover of Rs 81.74 crore for the fiscal ended 31st March 2020 compared to Rs 48.72 crore in FY19, according to financial data accessed by business intelligence platform, Tofler.

Inshorts Pte Ltd owns and operates the English news app Inshorts.

For the fiscal under review, the company's total expenses ballooned to Rs 106.7 crore compared to Rs 46.2 crore. Employee benefit expenses stood at Rs 26.9 crore as against Rs 20.29 crore in the previous fiscal. Other expenses saw a sharp jump at Rs 75 crore compared to Rs 22.48 crore.

Inshorts India Advertising And Services' net loss widened to Rs 25 crore from Rs 91 lakh in FY19. The company had reserves and surplus of Rs 11.57 crore compared to Rs 62.75 crore in the previous fiscal. Trade receivables stood at Rs 32.64 crore as against Rs 23.78 crore.

Inshorts generates most of its revenue from advertising sales. The platform had recently announced that it is experimenting with new ad formats in collaboration with the automobile sector. Brands like Safari and Maruti Suzuki have brought into play their new products on the platform through advertisements that provide the users with an informative experience.

Inshorts was set up by a team of IITians, Azhar Iqubal and Anunay Arunav of IIT Delhi and Deepit Purkayastha of IIT Kharagpur in 2013. Their entrepreneurial journey began from TLabs incubator in 2013 which was followed by a seed round from Times Internet and a group of angel investors including the founders of Flipkart.

Both Iqubal and Purkayastha didn't respond to emails and messages till the time of filing this report.

In 2015, Inshorts raised Rs 25 crore in Series A round from Tiger Global and Rebright Partners, landing its Series B within 4 months, from Tiger Global. In the Series B round, the company had raised Rs 127 crore.

Inshorts had launched a location-based social network Public in January 2020. The app registered a whopping 10 million users within six months of the beta launch, becoming the fastest Indian social app to cross the milestone. In March, Public App had raised $41 million in a new round valuing the start-up at $250 million. The funding round was led by A91 Partners along with the participation of some of the existing investors.

According to Crunchbase, Inshorts has raised an estimated Rs 785 crore across eight rounds of funding.

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