ShareChat’s chief business officer Gaurav Jain steps down

ShareChat's Chief Business Officer Gaurav Jain has decided to step down from his role, sources familiar with the matter told YourStory. 

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Entrackr was the first to report this development. 

During this transition, the homegrown social media platform has appointed Chief Financial Officer Manohar Charan to oversee business operations, according to the source with direct knowledge of the situation. He was recently promoted to the role of Co-founder.

Jain, who joined the company in October 2022, previously served as the Head of APAC Business Expansion at Snap. He also served as the Head of Mid-Market Business for Meta India for three years. 

In 2023, ShareChat saw two key leadership departures as co-founders Bhanu Pratap Singh and Farid Ahsan stepped down from their executive roles. Both remain on the company's board.

The company also implemented workforce reductions earlier this year, cutting 5% of its staff as part of its annual performance evaluation process.

ShareChat reported Rs 718 crore in annual revenue for FY24, a 33% increase compared to Rs 540 crore in FY23. Its advertising revenue rose 23% YoY to Rs 315 crore, driven by diversification into mid-market and FMCG sectors. 

Last year, ShareChat raised $65 million in debt funding through two separate tranches. Some of its exisitng backers include Twitter (now X), Lightspeed Venture Partners, SAIF Partners, Alkeon Capital, among others.