According to regulatory filings, Mohalla Tech, the parent company of the short video app Moj and the social media platform ShareChat, increased its revenue from operations by 4.3 times to Rs 347 crore in the last fiscal year from Rs 80.4 crore in FY21.
The company reported annual losses of Rs 2,988 crore in FY22, compared to Rs 1,324 crore in FY21, after raising $255 million in September 2022. During the previous fiscal year, its cash outflows from operations increased 2.5X to Rs 2,676 crore.
In terms of revenue from advertisement services, the company saw a 2.8x increase to Rs 212.2 crore in FY22 from Rs 77 crore in FY21. At the same time, its “ShareChat Coin” revenue from in-app purchases for its chatrooms increased 35X to Rs 120.5 crore in the last fiscal year, up from Rs 3.44 crore in FY21.
Jeet11, a skill-based game for real money, reported a gaming platform revenue of Rs 14.24 crore in FY22. In December of last year, the company shut down Jeet11 and laid off 5% of its workforce.
Business development expenditure increased 72.5% to Rs 1,143 crore in FY22 from Rs 662.6 crore in FY21.
During the fiscal year, employee benefits expenses increased 2.8X to Rs 505 crore. This figure also included Rs 73.83 crore in share-based employee compensation (a non-cash expense).
In FY22, expenditure on content development and legal fees increased 8.6 times and 6.1 times, respectively, to Rs 422 crore and Rs 70 crore.
ShareChat also spent Rs 78.67 crore on platform service fees, communication, distributor support, analytics, and other related costs. Finally, its total cost increased 2.4X to Rs 3,407 crore in FY22, compared to Rs 1,420 crore in FY21.
At the end of FY22, its outstanding losses had increased by more than 80% to Rs 2,583 crore.
The story was first reported by Entrackr.
