ShareChat’s parent firm Mohalla Tech reports Rs 1,898 crore consolidated loss in FY24
Mohalla Tech, the parent company of social media platform ShareChat, reported a consolidated loss of Rs 1,898 crore in FY24, from Rs 5,143 crore in FY23.
Indian social media platform ShareChat on Wednesday said it has expanded ESOP (employee stock options) pool by USD 14 million to USD 35 million to reward its employees.
Besides, the company has also announced a 50 per cent bonus for the existing employees holding ESOPs in the company.
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“This ESOP scheme has also been extended to every employee on payroll, including administrative staff. The decision was taken to recognise their hard work behind the incredible growth achieved by both ShareChat and recently launched short video platform, Moj,” a statement said.
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The scheme will be applicable for existing employees, who were on the company’s payroll on June 30, 2020, it added.
Presently, ShareChat employs over 400 people.
More than 300 employees on the company’s payroll as of June 30, 2020, have been the beneficiary of the company’s ESOP grant scheme.
The company said existing employees who already hold stock options have been given 50 per cent additional ESOPs as bonus.
“The foundation of our existence has been purely our people, combined with their passion and energy. Our growth since inception has not been without challenges, but we have always managed to come out of these challenges unscathed just on the strength of our people,” ShareChat CEO and co-founder Ankush Sachdeva said.
He added that the additional ESOP will keep the company well placed for rewarding its teams in the future as well.
ShareChat offers ESOPs to its qualified employees, equally vested over four years.
When an employee with ESOPs leaves the organisation, the person leaves with the vesting percentage and continues to enjoy the benefit of owning it as ESOPs without any defined timelines, the statement said.
ShareChat said it has now exceeded 160 million MAUs (monthly active users), with users spending 31 minutes daily on average. Its short-video platform Moj has already garnered over 80 million MAUs, with users spending 34 minutes daily on average.
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