ShareChat, a vernacular social media platform, has reportedly lost INR 415 crore in FY19, which is approximately 12 times greater than loss amount of INR 33.8 crore in FY18, cited Yourstory.
According to the platform, the increase in loss comes on the backdrop of an increased revenue of Rs 25.8 crore in the same financial year.
The loss for the regional language social networking platform also comes on the back of higher expenses.
ShareChat was founded by Farid Ahsan, Bhanu Singh and Ankush Sachdeva, in October 2015. It allows users to create, discover, and share content with each other.
Accessible in 14 regional languages, ShareChat’s strength has been its popularity in Tier 2 and Tier 3 cities.
ShareChat has started offering multiple options to earn through referrals. For starters, users can share links to their friends and earn INR 50 as well as a scratch card after three successful referrals.
The platform offers its services in 14 languages – Hindi, Malayalam, Gujarati, Marathi, Punjabi, Telugu, Tamil, Bengali, Odia, Kannada, Assamese, Haryanvi, Rajasthani, and Bhojpuri.
Besides, there are other social media platforms in the similar domain, which include ROPOSO, BetterButter, Giphy, 9GAG, Vocal, TikTok, and many more.
Also read: ShareChat raises $100 Million series D led by Twitter, TrustBridge Partners