While it raised $266 Mn from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures and India Quotient late last year, Google and Times Internet joined as new investors this year, infusing the remaining amount along with Temasek. The startup closed its $520 Mn funding round at a valuation of $5 Bn in June this year. ShareChat and Moj together have 400 Mn monthly active users currently. Earlier this year, it acquired Times Internet owned social short-video platform MX TakaTak for over $600 Mn to foray into the competing short-video social space. As part of this exercise, it pulled the plug on its fantasy gaming platform Jeet11 last month.įounded in 2015 by Ankush Sachdeva, Bhanu Singh, and Farid Ahsan, Mohalla Tech positions ShareChat as an Indic language social media platform. It must be noted that amidst the funding winter, Mohalla Tech, like other startups, is also trying to cut its expenses. Business development expenses constituted the largest portion of total expenses at INR 1,142.8 Cr in FY22, an increase of 72% from INR 662.6 Cr in FY21. Led by the increase in marketing, employee benefits, and IT expenses, Mohalla Tech’s total expenses shot up 119% to INR 3,407.5 Cr from INR 1,557.5 Cr in FY21. In FY21, the startup loss including non-operating expenses was INR 1460.9 Cr. However, the loss widened further to INR 2,988.6 Cr including the non-operating expenses. Without the non-operating expenses, the company posted a loss of INR 2,498.6 Cr in FY22, a jump of almost 2.1X from INR 1,183.6 Cr. These expenses included non-cash notional provisions such as liability component of convertible stocks, stock-based compensation, depreciation, and one-time extraordinary costs.
It also racked up non-operating expenses of INR 490 Cr in FY22.
ShareChat contributed the majority of revenue as the startup only recently started monetising Moj. It earned INR 121 Cr through live streaming this year. Besides, the startup also generates revenue from live streaming on ShareChat and newly acquired short-video platform Moj. Mohalla Tech mostly generates revenue through advertisement on the ShareChat app, which increased 30% year-on-year (YoY) in FY22.
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