ShareChat also earned Rs 72.3 crore from interest and gain on current investments and other non-operating income which pushed its total revenue to Rs 419 crore during the last fiscal year (FY22).īusiness development expenditure (which is likely to include customer acquisition and technology-related costs) remained its largest cost element and formed 33.5% of ShareChat’s total expenses. Importantly, Jeet11 shut down in December last year and laid off around 100 employees. Revenue from the gaming platform stood at Rs 14.24 crore in FY22. In February 2020, the company launched its fantasy sports gaming platform Jeet11, a skill based game for real money. This income skyrocketed 35X to Rs 120.5 crore in the last fiscal year from only Rs 3.44 crore in FY21. It also sells “ShareChat Coin” via in-app purchases for its chatrooms which accounted for 34.7% of the overall operating revenue. These collections jumped 2.8X to Rs 212.2 crore in FY22 from Rs 77 crore in FY21. ShareChat collected more than 60% of its revenue via advertisement services on the platform. The Bengaluru-based company is primarily engaged in the business of operating social media platform ShareChat, short video entertainment app Moj and online fantasy sports platform Jeet11. The hockey stick rise in ShareChat’s valuation came alongside a 4.3X surge in its revenue from operations to Rs 347 crore during the last fiscal year against Rs 80.4 crore in FY21, according to its consolidated annual financial statement with the Registrar of Companies (RoC). During FY22, the company raised three rounds with its valuation rising 5X, surpassing the $5 billion threshold. Mohalla Tech, the parent entity of vernacular social media platform ShareChat and short video entertainment app Moj, raised one of the largest funding rounds- $255 million-in September 2022 from Google, Times Group, and Temasek.
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