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 messaging app ShareChat is in talks with US-based venture capital firm Sequoia Capital to raise around Rs 1,500 crore, according to a source.
Since the Indian government blocked 59 Chinese apps, ShareChat has seen over 100 per cent growth in its downloads and active user base in India in June.
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“Sharechat is in active discussion with Sequoia Capital to raise around Rs 1,500 crore. It should take the valuation of Sharechat to around Rs 7,500 crore. In the normal course, the transaction should be done within a quarter,” the source told PTI.
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Sharechat declined to comment on the issue.
According to industry estimates, Sharechat’s monthly active user base has grown to 14 crore from around 6 crore a month ago.
Similarly, the app’s total downloads are estimated to have crossed 20 crore from around 9.8 crore a month back.
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