ShareChat revenue stands at Rs 719 cr for FY23
ShareChat Coin's ad income has increased 2.3 times to Rs 285 crore in FY23
Mohalla Tech, the owner of social media platform ShareChat and short video platform Moj, has posted a revenue of Rs 718.75 crore for the financial year ending March 31, 2023.
The company’s expenses, however, stood at Rs 5,862 crore, resulting in losses of Rs 5,144 crore for FY23.
According to a report in Entrackr, ShareChat’s revenue from operations increased 59.4% to Rs 533 crore up from Rs 347 crore in FY22.
ShareChat Coin, the in-app virtual currency, purchases for its chat rooms overtook its advertisement income to form 52% of the total revenue. This income rose 2.3 times to Rs 285 crore in FY23 from Rs 121 crore in FY22.
According to TheKredible, in a new round, ShareChat raised $255 million from Google, Times Group and Temasek at a valuation of $5 billion.
It saw its losses increase by 8.4% to touch Rs 3,241 crore in FY23 as compared to Rs 2,989 crore in FY22. The EBITDA margin stood at -401%.
