Sharechat, Moj parent’s losses jump 38% to Rs 4,064 crore in FY23

Share via:

The Indian social media landscape has been a fertile ground for homegrown platforms like ShareChat and Moj, especially following the TikTok ban.

However, Mohalla Tech, the parent company, faces heightened financial stress as their losses have increased by 38% to Rs 4,064 crore in FY23.

Revenue growth amidst financial losses

Despite a significant 62% growth in revenue, reaching Rs 540 crore, Mohalla Tech hasn’t been able to curb its escalating losses. Advertising, accounting for roughly half of the income, and the success of the in-app currency, ShareChat Coin, have been bright spots. Yet, the total losses have overshadowed these achievements, indicating a stark contrast between growing revenues and deepening financial woes.

How much did the founders make?

In the face of these financial challenges, Mohalla Tech’s top brass remuneration has become a point of discussion. The CFO, Manohar Charan, received the highest pay at Rs 3.11 crore, marking a 13% increase from the previous year.

Reportedly, The CEO’s pay remained unchanged, while remunerations for the other co-founders also saw hikes. This has occurred in tandem with significant staffing cuts and operational changes within the company.

Aiming for cost-cutting

To tackle its financial predicament, Mohalla Tech is rigorously cutting costs. Server expenses remain a major outlay despite a noted decrease in promotional spending. The company aims to slash its overall losses to below Rs 1,000 crore by reining in expenses across the board, including significant reductions in marketing.

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Sharechat, Moj parent’s losses jump 38% to Rs 4,064 crore in FY23

The Indian social media landscape has been a fertile ground for homegrown platforms like ShareChat and Moj, especially following the TikTok ban.

However, Mohalla Tech, the parent company, faces heightened financial stress as their losses have increased by 38% to Rs 4,064 crore in FY23.

Revenue growth amidst financial losses

Despite a significant 62% growth in revenue, reaching Rs 540 crore, Mohalla Tech hasn’t been able to curb its escalating losses. Advertising, accounting for roughly half of the income, and the success of the in-app currency, ShareChat Coin, have been bright spots. Yet, the total losses have overshadowed these achievements, indicating a stark contrast between growing revenues and deepening financial woes.

How much did the founders make?

In the face of these financial challenges, Mohalla Tech’s top brass remuneration has become a point of discussion. The CFO, Manohar Charan, received the highest pay at Rs 3.11 crore, marking a 13% increase from the previous year.

Reportedly, The CEO’s pay remained unchanged, while remunerations for the other co-founders also saw hikes. This has occurred in tandem with significant staffing cuts and operational changes within the company.

Aiming for cost-cutting

To tackle its financial predicament, Mohalla Tech is rigorously cutting costs. Server expenses remain a major outlay despite a noted decrease in promotional spending. The company aims to slash its overall losses to below Rs 1,000 crore by reining in expenses across the board, including significant reductions in marketing.

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Indian edtech unicorn Vedantu cuts loss by 58%

The loss cut was supported by a 21%...

Apple’s AirPort router likely won’t be coming back, but...

According to Mark Gurman’s Power On newsletter, Apple...

Epigamia Cofounder Rohan Mirchandani Passes Away

SUMMARY Rohan Mirchandani, who was 41 years old, passed...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!