ShareChat is an online social media platform to share various content. The firm announced a 33 percent increase in operational revenue to Rs 718 crore in FY24. The startup provides a platform to share content online with family and friends in different languages. The live streaming services are the company’s major source of revenue. ShareChat is an online platform featuring content like news, poetry, daily horoscopes, and more.
The firm also earned Rs 29 crore in revenue through non-operating services and gains on financial assets in this financial year. The income from these services brought the total revenue to Rs 747 crore in FY24. The income from live streaming accounted for 56 percent of the total revenue and increased by 41.4 percent to Rs 403 crore in this fiscal year. The company claims to have around 325 million active monthly users across all its platforms.
ShareChat has secured over 1.22 billion USD across multiple funding rounds since its inception, including the $16 million raised from EDBI during its conventional debt round. The company had a valuation of $5 billion on December 20, 2023. The online platform also offers shake and chat features to connect users with content in similar genres and open tagging.
The company has around 47 institutional investors including Lightspeed Venture Partners, India Quotient, and Touchstone Partners. The social media platform controlled its cost management and posted a 67 percent decrease in its loss. The employee benefits decreased by 17 percent to Rs 580 crore in FY24 compared to the last financial year. The legal, advertising, travel, and other expenses increased the overall expenses for this fiscal year. The total expenditure of the firm decreased by 50.6 percent to Rs 1,540 crore in FY24.
The Bengaluru-based startup posted a 67 percent slip in its losses to Rs 793 crore in this fiscal year. The company reported that other expenses remained stable at Rs 1435.3 crore. The decreased employee benefits and other services helped the firm control its losses. The startup also posted its ESOP buyback worth Rs 126 crore in FY24. The EBITDA losses also decreased by 67 percent and stood at Rs 793 crore while the consolidated losses were around Rs 1,898 crore. The startup faces competition from other social media platforms such as Verse, Instagram, X, and MIXI.
Conclusion :
ShareChat is a wholly-owned subsidiary of Mohalla Tech. The social media platform announced a 33 percent increase in its revenue from operations to Rs 718 crore in FY24. This online platform provides a place to share content with family and friends. These advertisement and live streaming services are the firm’s primary sources of revenue. The loss also saw a 67 percent decrease to Rs 793 crore in FY24.
The total expenditure of the firm saw a decline of 50.6 percent and crossed Rs 1,540 crore in the same duration. The employee benefits saw a 17 percent decrease and stood at Rs 580 crore in FY24. The company has secured over 1.22 billion USD across multiple funding rounds to date.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
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