Ekank Technologies was co-founded in 2020 by Summit Nayak and Chetan Rexwal. It’s a new-age storytelling platform that aims to make history, art, culture, and heritage accessible to the masses through regional content. “There is an interesting story behind the origin of the company indeed,” the two co-founders point out.
“We travelled together for years to different countries and cities and what fascinated us were the stories behind the different cities, food, monuments, and so on. Our travels together and the fascination for stories led to the founding of Ekank,” they inform. As on date, there are 15 million users on the platform, with over 100 storytellers sharing more than 4000 stories.
“Currently, the content is available in Hindi and English, and we are planning to expand across 12 other languages. This would enable every story (irrespective of the place or culture the story is all about) to be consumed by people across the country,” Nayak says. The platform has close to 13 million monthly active users which spend close to 4 minutes on an average per session. “Our super-users end up spending over 80 minutes per month consuming stories which would amount to 40 stories a month. We are building the audio portfolio and by the end of this quarter, we will have over 100 hours of audio stories on the platform. We have around 6000 text stories with a 2 min reading time,” he adds.
Going forward, Ekank is planning to increase its workforce, and grow the engineering and product so that its platform caters to users across different demographics. In addition to that, it is growing its community teams across cities to be better able to cater to creators from different states and cultures. “The aim is to have more regional creators in the next 12 months (covering 4 major languages spoken in the country),” Rexwal informs.
The company raised a seed round of $1 million in January 2022. From a funding standpoint, it is not actively looking to raise any further rounds in the short term, the two co-founders reveal. “Since we are revenue positive, our net burn is under control with a runway of over 14 months. With a vision to enhance our product, we are building a comprehensive suite of features that enable collaboration between creators from different parts of the country and media format preferences,” they add.
The two co-founders have the vision to see Ekank as a market leader in the culture space, and keeping this goal in mind, they will be venturing into different products and mediums such as audios, videos, comics, and graphic novels.
Raising the bar
There are 15 mn users, with over 100 storytellers sharing 4000 stories
Content in Hindi and English, plans to expand across 12 other languages