Chingari sees 2.3X jump in revenue in FY23, losses decline
The company's expenses shrunk to Rs 155.62 crore as compared to the previous year where it spent Rs 188.85 crore.
Short video platform made Rs 113.4 crore in revenue from operations in FY23, a nearly 2.3X jump from the previous financial year when it made Rs 49.4 crore.
The company's losses shrunk to Rs 42.05 crore in FY23 compared to the previous year, when it incurred Rs 139 crore in losses. Its expenses fell to Rs 155.62 crore compared with the previous year when it spent Rs 188.85 crore. Employee benefit expense emerged as the largest expense in the year, amounting to Rs 46.3 crore, as per the company's regulatory filings.
Other expenses, particularly app development expense, shot up to Rs 50.22 crore, compared to Rs 43.21 crore the previous year.
Founded in 2018 by Sumit Ghosh, Aditya Kothari, Biswatama Nayak, and Deepak Salvi, Chingari is a short-video app with roots in the Web3 space. It was touted to be a competitor to TikTok in its earlier version, catering to regional language audiences. Since then, the app has made several pivots; its latest foray is in the live chat space for adults over the age of 18.
The company also undertook a round of layoffs in August last year, where it let go of nearly 50% of its workforce.
In an exclusive interview with YourStory, Co-founder Ghosh said the move was necessary to extend the runway of the company by at least six months.
Chingari also saw a few top-level exits last year, including co-founder Kothari and chief technology officer Tariq Wali.
Edited by Megha Reddy