Zero revenue recieved by ShareChat from its 60 million users

Share This Post

Mohalla Tech Private Ltd, the parent company of Bengaluru-based ShareChat, said a loss of Rs 415 crore had been reported in the financial year 2019, which is 12 times more than the loss amount of Rs 33.8 crore in FY 18.

There has been an increase in revenue of Rs 25.8 crore in the same financial year. A paltry revenue of Rs 1.7 crore has been posted for the year 2018.

The startup is reportedly valued at $600-$650 million and has 60 million monthly active users across the country. ShareChat incurred an expense of Rs 440.5 crore in FY19 against the total expense of Rs 35.4 crore in FY18.

It has been facing stiff competition from China’s ByteDance for market share. Over the past two years, vernacular social media space has heated up after the entry of Bytedance-owned Helo. 

It was founded by IIT Kanpur alumni Ankush Sachdeva, Farid Ahsan, and Bhanu Singh in 2015. The ShareChat app allows users to share their opinion, record their lives, and make new friends. It offers its services in 14 languages.

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Related Posts

Regulation and GST on Cryptocurrency in India – An optimistic approach?

“Satoshi Nakamoto” is a name that stormed the internet....

Amid Mass Layoffs, Is the fall of the Indian ed-tech industry inevitable?

The mass layoff by India’s top unicorn Byju’s was...

NFT Domains, what the heck are they? An introduction to Quik.com & ENS Domains

Before getting to the main question of what exactly...

Coworking, Explained.

TimesNext Recommended: BiggBang Coworking, the Best Coworking Space in...

GOI Forms Committees to Scrutinize Crypto Ads, Fake Reviews, and Ed-tech Firms

The government intends to tighten the noose to safeguard...

Global Bitcoin Use Will Reach 10% By 2030, Says Blockware

Bitcoin acceptance could be faster than that of previous disruptive...