The mental model is similar to Youtube's explore section. The objective of the Explore product in ShareChat is to provide power users with the depth of content exploration. It’s important to note that Jeet11 closed in December last year, firing about 100 workers.As you are aware, the product for June is ShareChat, and here's an overview of the problem statement: In FY22, the gaming platform generated Rs 14.24 crore in revenue. The business introduced Jeet11, a skill-based game with real money, as its fantasy sports gaming platform in February 2020.
From merely Rs 3.44 crore in FY21, this income increased 35X to Rs 120.5 crore in the most recent fiscal year. In-app purchases for “ShareChat Coin,” which accounted for 34.7% of the total operational revenue, are also sold by the company for its chatrooms. From Rs 77 crore in FY21 to Rs 212.2 crore in FY22, these receipts increased by 2.8X. More than 60% of ShareChat’s revenue came from the platform’s advertising services.
The Bengaluru-based business specializes in running the social networking platform ShareChat, the short-form video app Moj, and the online fantasy sports site Jeet11. The company raised money in three rounds during FY22, and as a result, its valuation increased five times, topping $5 billion.Īccording to ShareChat’s consolidated annual financial statement filed with the Registrar of Companies, the company’s valuation increased in a hockey stick pattern along with a 4.3X increase in its operating revenue, which increased to Rs 347 crore during the most recent fiscal year from Rs 80.4 crore in FY21 (RoC). The parent company of the short video entertainment app Moj and the informal social media platform ShareChat, Mohalla Tech, obtained one of the largest fundraising rounds in September 2022 from Google, Times Group, and Temasek for a total of 255 million dollars.
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