Category: Blogs

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, raised $255 million from Google, Times Group, and Temasek during FY23. The substantial funding helped the company scale its business during the said period. But, rising expenses continue to weigh down prospects for the company. ShareChat’s revenue from operations increased 59.4% to Rs 533 crore in FY23 from Rs 347 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies. ‘ShareChat Coin’, the in-app virtual currency, purchases for its chat rooms overtook its advertisement income to form 52% of the total revenue. This income surged 2.3X to Rs 285 crore in FY23 from Rs 121 crore in FY22.