ShareChat, India’s largest homegrown social media company, has reported a 33% year-on-year growth in revenue to Rs 718 crore in FY2024 from Rs 540 crore in FY2023, per a statement.
Established in 2015 under the Mohalla Tech umbrella, ShareChat allows users to share their opinions, record their lives, and make new friends within the comfort of their native language.
The startup said it reduced its losses by taking a series of cost optimisation measures in the past. Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) losses fell by 67% from Rs 2,400 crore in FY2023 to Rs 793 crore in FY2024.
“Over the past few years, we have been successful in cutting our costs significantly and ramping up our revenue,” said Ankush Sachdeva, CEO and co-founder, ShareChat & Moj, which is a short video entertainment app. Both the brands operate under the parent entity Mohalla Tech.
Last year, the company undertook cost-cutting measures and retrenched 700 employees across two phases owing to an extended funding winter and an overall economic slowdown.
ShareChat, which claims to have over 325 million monthly active users (MAU) across all its platforms, entered India’s unicorn club in 2021. The company made headlines in August this year when it announced the extension of its convertible debentures round to accommodate new investment from EDBI, a leading Singapore based global investor. The transaction was first reported by DealStreetAsia in May.
ShareChat also counts Temasek, Lightspeed, HarbourVest, Moore Strategic, Rimco, and Alkeon, among others, as its backers.
Going forward, ShareChat is expecting EBITDA losses for FY2025 to be nearly one-third of FY2024 and the consolidated business to start generating positive cash flow by early FY2026.
