Inshorts reports Rs 60 crore revenue run rate for FY19, but targets Rs 80 crore

Tiger Global-backed news aggregator app Inshorts on Tuesday reported a revenue run rate of over Rs 60 crore for FY19, as at the end of October.

Inshorts, however, said that with the rise in the number of advertisers on its platform, it is looking to end the financial year with revenue of over Rs 80 crore.

The company currently claims to have over 250 companies advertising on its platform, including Netflix, Vodafone, Oneplus, Mercedes and Myntra.

The company had reported a revenue run rate of around Rs 30 crore in May.

Inshorts, which currently gets its revenue primarily from advertisements, is also exploring a subscription model and launching short videos.

"The test for videos is undergoing. We want to look at the mass market," Azhar Iqbal, CEO of Inshorts told Moneycontrol.

Inshorts publishes 60-word summaries of news stories in the form of slides that readers can swipe and read. The advertisements are inserted as slides that users can swipe off to go to the next news slide.

Inshorts first published an ad on its app in July 2016. The company last raised funds in 2015, when it raised $20 million from Tiger Global.