New Delhi: Mohalla Tech, parent company of social media platform ShareChat, reported a comprehensive loss of Rs 1,898 crore in FY24, as against Rs 5,143 crore in FY23.
In FY24, the company’s adjusted EBITDA loss was Rs 793 crore. Earlier, it was Rs 2,400 crore in FY23.
Mohalla Tech, which also owns short-form video app Moj, reported a 50% drop in expenses to Rs 1,540 crore last fiscal. It was Rs 3,119 crore in FY23.
According to a report by Entrackr, while calculating the company’s total expenses, all non-cash components, including foreign exchange (FX) losses, depreciation and ESOP expenses, are excluded.
The company said in a statement that its revenue in FY24 grew by 33% YoY to Rs 718 crore, from Rs 540 crore in FY23.
Live streaming accounted for 56% of revenue in FY24, up 41.4% YoY to Rs 403 crore. The rest of the revenue came from advertising. In FY24, it grew by 23.5% YoY to Rs 315 crore.
In addition, the company earned an income of Rs 29 crore in FY24 from interest and profit on financial assets. If this non-operating income is also included, the total income of the company was Rs 747 crore last fiscal.
Employee benefits cost declined by 17% to Rs 580 crore in FY24. This includes an ESOP (non-cash) of Rs 126 crore.
ShareChat claims to have over 325 million monthly active users (MAUs) across all its platforms. Short-form video app Moj has a monthly active user base of around 160 million.
According to reports, “ShareChat has raised $1.3 billion from investors so far. It is backed by companies like Temasek Holdings, Google, Twitter, Times Group, Tiger Global, Snap, Lightspeed and Elevation Capital. Funded in June 2022 Reduced from $5 billion to $2 billion at the time of consolidation.