Snap Inc's India unit posts four-fold jump in FY21 revenue at Rs 32.7 cr
The company reported a net profit of Rs 2.9 crore, an increase of 255% from Rs 82.2 lakh in the previous fiscal
Snap Camera India, the India unit of Snap Inc, has posted a four-fold jump in revenue at Rs 32.7 crore for the fiscal ended 31st March 2021, compared to Rs 8.68 crore in the previous fiscal. Snap Camera India is a subsidiary of London-based Snap International II Limited.
According to the company's financial data accessed by business intelligence platform Tofler, Snap Camera India's expenses registered a four-fold increase at Rs 28.75 crore from Rs 7.57 crore due to a bump up in employee benefit expense.
During the fiscal, the employee benefit expense soared over seven times to Rs 19.58 crore from Rs 2.57 crore. Other expenses expanded by 83.12% to Rs 8.9 crore from Rs 4.86 crore. Snap Camera India reported a net profit of Rs 2.9 crore, an increase of 255% from Rs 82.2 lakh in the previous fiscal. Queries sent to Snap Camera India remained unanswered till the time of filing this report.
Speaking at the second edition of 'Snap in India' event last year, Snap Co-Founder and CEO Evan Spiegel had announced that Snapchat has reached the milestone of 100 million Snapchatters monthly in India.
During the Q4 2021 earnings call, Spiegel had said that the American camera and social media company's expansion efforts in India continue to prove successful. He had also stated that the company is using its learnings in India to plan its community growth in new geographies.
"We've made a concerted effort over the past year to organize our team and make investments in our products to realize these monetization and community growth opportunities. Our expansion efforts in India continue to prove successful, and we are using our learnings to inform how we approach community growth in new geographies," Spiegel stated.
According to Snapchat India's media deck for advertisers, over 75% of the platform's users in India fall in the age group of 13-24 years. The platform's audience size was around 118.1 million to 123 million. The user base is slightly skewed towards the Male audience who comprise 60% of the audience.
The deck also claims that Snapchat's India users are more likely to make in-app purchases, pay for mobile apps and streaming services. Further, over 80% of males and 90% of females are in the lens carousel on a monthly basis. Further, 1 in 2 male users share or save lenses on a monthly basis while 4 in 5 females do so on a monthly basis.
Brands in India are leveraging Snapchat through Snap Ads, Story Ads, and Collection Ads. Some of the clients that have successfully used Snapchat include Google Pay, OnePlus, Coca-Cola, Spotify, ITC, and Swiggy among others.
