Inshorts raises fresh funding of $60 mn from Vy Capital, existing investors
With the latest round of funding, the company has raised $140 million in the last one year from investors, including Addition, Tiger Global, SIG, A91 and Tanglin Venture Partners
“The world is changing every minute, and each one of us has an inherent desire to remain updated about these changes. Both Inshorts App and Public App are aimed to help some of these people in their quest of keeping themselves informed, and we are thrilled to have Vy Capital join us in our journey,” Inshorts Co-Founder & CEO Azhar Iqubal said.
The English news app claims to have 10 million users on its platform, while another app, Public claims to have 50 million active users.
"We are excited to partner with Azhar and team in their journey to build one of the largest content platforms out of India, running two market-leading properties with a rapidly growing user base. We look forward to working closely with the company and the team as it enters the next phase of scaling,” Vy Capital partner Vamsi Duvvuri said.
As reported earlier, 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.
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