TechGraph, the rapidly expanding community-driven news media platform has disclosed that its revenue for the year 2023 amounted to INR 289,436.48, with a total operating expenditure (OpEx) of INR 141,649.95.
Despite facing a 28% decrease in revenue compared to 2022, the company demonstrated financial acumen by recording a commendable profit of INR 92,786.50.
Notably, TechGraph has extended its impact beyond the digital realm by contributing INR 18,204 to its social fund dedicated to aiding individuals battling cancer, accidents, and various diseases. The company has also allocated funds to support the treatment of street-side animals, emphasizing its commitment to social responsibility.
Addressing the financial results, a spokesperson from TechGraph remarked, “Our ability to achieve a healthy profit amidst a revenue dip is a testament to our strategic resilience. We anticipate robust revenue growth in the upcoming fiscal years, laying the groundwork for sustained success.”
In a strategic move to further its expansion, TechGraph announced plans to raise funds through a combination of debt and an angel funding round. The capital raised will be earmarked for acquiring news rights from various agencies, expanding the platform’s reader base, and delivering on-the-go news content to its audience.