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.
Home-grown social media platform ShareChat on Wednesday said it has entered into an agreement with T-Series to license its music catalogue on the platforms.
The collaboration with India’s largest music label aims to provide an enhanced experience on ShareChat and short video platform Moj, a TikTok rival.
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“Music brings out the best of emotions and nostalgia to our users as they share their creativity on our platform,” Berges Malu, Director – ShareChat, said in a statement.
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Over 180 million active users on ShareChat and Moj would now be able to explore songs from the T-Series music library, and add to their own videos, it added.
With this agreement, users on ShareChat and Moj would now be able to explore hundreds and thousands of songs from the T-Series music library, and add to their own videos.
“We are delighted to partner with ShareChat, and this association sets a fresh beginning between us and the social media platforms,” said Bhushan Kumar, Managing Director, T-Series.
ShareChat is available across 15 Indic languages.
Earlier this week, ShareChat announced it has acquired Circle Internet, a hyperlocal information platform, for an undisclosed sum.
There were reports earlier this month that Microsoft is all set to invest about $100 million in the home-grown regional language social media app.
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