ShareChat’s virtual gifting feature has reached $50 million in annual recurring revenue, which is expected to more than double by year’s end, according to a senior executive.
Mohalla Tech’s local language social media network has over 180 million monthly active users in the country. It launched the in-app virtual gifting feature in September 2020 as one of the company’s various revenue models. The feature allows users to send virtual gifts in the form of digital tokens to the hosts or creators of live audio chat rooms, making them feel appreciated. “On average, users spend about 30 minutes on the platform, and we have 30 million creators,” ShareChat’s chief product officer Amit Zunjarwad told ET.