inshorts losses: Online news aggregator InShorts sees FY23 losses swell by a third to Rs 310 crore

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Online news aggregator InShorts saw its losses balloon by over a third during the year ended March 2023 to Rs 309.75 crore, from Rs 231.87 crore in FY22, as it spent significantly more during the period. The company saw its operating revenue rise 8.7% year-on-year during FY23.

The Noida-based company’s revenue from operations rose to Rs 180.90 crore in FY23, compared to Rs 166.37 crore a year earlier, according to its financial statements filed with the Registrar of Companies (RoC).

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The company, which primarily earns revenues from advertising on its app, saw its income increase 4.3% on-year to Rs 147 crore in FY23. The remainder of its income came from support services.

Notably, the Indian entity is a subsidiary of the company’s holding entity in Singapore, and the said results pertain only to the India-registered company.

The content startup, which manages InShorts news app and location-based social media platform Public, saw its total expenses increase by 23.5% year-on-year to Rs 492.13 crore in the year ended March 2023, compared to Rs 398.52 crore in FY22.

The company last raised $60 million in July 2021 from Vy Capital and existing investors such as Tiger Global, A91 Partners, Lee Fixel’s Addition, SIG and Tanglin Venture Partners, taking its total fundraise up to $165 million, according to information sourced from Tracxn.

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Founded in 2013, the application compiles daily news highlights spanning national, global, political, business, sports, technology, and entertainment categories, delivering it in 60 words.In addition to news aggregation, InShorts launched Public in 2019, an app that allows people to record and share happenings around them with real-time local updates. It is available in Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, Odia, Assamese, Gujarati and Marathi. However, in its financial statements, the company did not provide a break up of the revenues for news aggregation and social media verticals.

It competes with Matrix Partners-backed unicorn VerSe, which operates the news aggregator app DailyHunt. During FY23, DailyHunt reported a substantial 57% on-year increase in revenue, to Rs 1,809 crore in FY23.

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