Thursday, February 2, 2023
HomeStart UpShareChat's revenue increase 4.3 times for FY22

ShareChat’s revenue increase 4.3 times for FY22

According to regulatory filings, Mohalla Tech, the parent company of the short video entertainment app Moj and the vernacular social media platform ShareChat, reported a 4.3X increase in operating revenue to Rs 347 crore during the last fiscal year compared to Rs 80.4 crore in FY21.

Entrackr reported that it experienced yearly losses of Rs 2,988 crore in FY22 compared to Rs 1,324 crore in FY21. During the last fiscal year, its cash outflows from operations increased 2.5X to Rs 2,676 crore.

Its platform-based advertisement revenue increased by 2.8X to Rs 212.2 crore in FY22 from Rs 77 crore in FY21. In-app purchases for its chatrooms, known as “ShareChat Coin,” increased 35X to Rs 120.5 crore in the last fiscal year from only Rs 3.44 crore in FY21.

Jeet11, a skill-based game for real money, reported that its gaming platform generated Rs 14.24 crore in revenue in FY22. Mohalla Tech shut down Jeet11 in December last year, and 5% of its employees were laid off.

Its largest cost component, business development expenses, increased by 72.5% to Rs 1,143 crore in FY22 from Rs 662.6 crore in FY21. During the fiscal year, employee benefits expenses surged 2.8X to Rs 505 crore. Employee share-based payments totaling Rs. 73.83 crores were included in this expense (a non-cash expense). 

In FY22, the cost of content development and legal expenses increased by 8.6 and 6.1 times, respectively, to Rs 422 crore and Rs 70 crore. Additionally, ShareChat spent Rs 78.67 crore on platform service fees, communications, distributor support, analytics, and other associated expenses. Finally, compared to FY21, its overall cost increased 2.4X to Rs 3,407 crores from Rs 1,420 crore. At the end of FY22, its outstanding losses increased by more than 80% to Rs 2,583 crore.

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.