ShareChat's revenue rise 4.3 times for FY22
It reported annual losses of Rs 2,988 crore in FY22 as compared to Rs 1,324 crore in FY21
Mohalla Tech, the parent entity of vernacular social media platform and short video entertainment app , reported 4.3X rise in its revenue from operations to Rs 347 crore during the last fiscal year against Rs 80.4 crore in FY21, according to regulartory filings.
It reported annual losses of Rs 2,988 crore in FY22 as compared to Rs 1,324 crore in FY21, reported Entrackr. Its cash outflows from operations soared 2.5X to Rs 2,676 crore during the last fiscal year.
Its revenue via advertisement services on the platform rose to 2.8X to Rs 212.2 crore in FY22 from Rs 77 crore in FY21. Its “ShareChat Coin” via in-app purchases for its chatrooms had a 35X increase 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 a revenue from the gaming platform stood at Rs 14.24 crore in FY22. Mohalla Tech shut down Jeet11 in December last year and laid off 5% of its workforce.
Business development expenditure, its largest cost element grew 72.5% to Rs 1,143 crore in FY22 from Rs 662.6 crore in FY21. Employee benefits expenses soared 2.8X to Rs 505 crore during the fiscal year. This cost also included Rs 73.83 crore of share-based payments to employees (non-cash expense).
The expense on content development and legal fees was up 8.6 times and 6.1 times respectively to Rs 422 crore and Rs 70 crore in FY22. ShareChat also incurred platform service fees, communication, distributor support, analytics, and other related costs of Rs 78.67 crore. In the end, its total cost surged 2.4X to Rs 3,407 crore in FY22 against Rs 1,420 crore in FY21. Its outstanding losses climbed over 80% to Rs 2,583 crore at the end of FY22.
Edited by Akanksha Sarma