ShareChat, a social media platform, reported a 33% year-on-year increase in revenue for FY24, reaching Rs 718 crore, compared to Rs 540 crore in FY23. The company also significantly reduced its adjusted EBITDA losses by 67%, from Rs 2,400 crore in FY23 to Rs 793 crore in FY24.
Advertising revenue saw a 23% year-on-year growth, totalling Rs 315 crore, attributed to a diversified client base across multiple sectors, including FMCG and mid-market advertisers. The live streaming segment recorded a 41% year-on-year increase, reaching Rs 402 crore, driven by growth in paying users across ShareChat and Moj platforms, the company stated. Following the close of FY24, the ShareChat app reported profitability with a 15% EBITDA margin as of October 2024, while the Moj app achieved operational profitability and is expected to reach full profitability by the end of FY25, the company added.
“Over the past few years, we have been successful in cutting our costs significantly and ramping up our revenue. This, coupled with our strategic investment in product development and state-of-the-art recommendation engine, has charted our path to profitability, with the ShareChat app achieving EBITDA profitability. We are confident that we will reach this milestone at a company level in the coming months.”Ankush Sachdeva, CEO and co-founder, ShareChat and Moj, said.
Cost optimisation played a significant role, including a 50% reduction in server costs per user since the beginning of 2024. Revenue metrics also improved, with a 25% year-on-year rise in advertising revenue per user and a 10-percentage point margin increase in the live streaming segment. Improved feed ranking contributed to a 10-percentage point increase in long-term user retention for both platforms, reducing user acquisition spending to nearly zero.