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ShareChat and Moj are floundering. Can the businesses be fixed?

Livemint

Livemint · 1y ago

ShareChat and Moj are floundering. Can the businesses be fixed?

ShareChat, an Indian vernacular social media platform, has suffered multiple setbacks in recent years. After securing a valuation of $5 billion in 2022, the company experienced the departure of two co-founders and subsequently faced three rounds of layoffs due to financial constraints. ShareChat's losses surged to INR 5,144 crore in 2022-23, with its revenue growth from advertising slowing down. The company's acquisition of rival app MX Takatak, as well as mounting server costs, have further impacted its financial position. To achieve profitability, ShareChat aims to reduce costs, improve its average revenue per user, and focus on growing its live streaming service.

Related News

JioCinema to showcase sports content on ShareChat and Moj

Economic Times

Economic Times · 1y ago

JioCinema to showcase sports content on ShareChat and Moj

JioCinema has partnered with Indian social media platform ShareChat and its short-form video app, Moj, to feature sports content including the WPL, IPL, Indian Super League, and the Olympics. The collaboration aims to expand JioCinema's reach among regional content consumers by integrating with social platforms. ShareChat and Moj will contribute a wider audience and enhance regional content presentation across multiple languages. Users will also gain access to unique storytelling and insights from dressing rooms through JioCinema's experts. The curated content will be available on JioCinema handles on both ShareChat and Moj.

ShareChat appoints TikTok’s Nitin Jain as CTO

Economic Times

Economic Times · 8m ago

ShareChat appoints TikTok’s Nitin Jain as CTO

ShareChat, a Bengaluru-based social media company, has appointed Nitin Jain as its Chief Technology Officer (CTO). Jain, who has previously worked for companies such as Tokopedia, Gojek, and TikTok, will be responsible for developing and implementing technology across ShareChat and Moj platforms. With over two decades of experience in scaling technology-driven businesses, Jain's expertise in fields like AI and big data is expected to drive growth and enhance user experience at ShareChat. The company, founded in 2015, is backed by prominent investors including Google, Twitter, and Temasek Holdings.

Sharechat shuts its fantasy platform Jeet11, lays off 5% employees

YourStory

YourStory · 1y ago

Sharechat shuts its fantasy platform Jeet11, lays off 5% employees

Mohalla Tech, the parent company of ShareChat and Moj, has shut down its fantasy gaming platform Jeet11, resulting in layoffs of about 5% of its workforce. The move follows Mohalla Tech's decision to cease operations of Jeet11 due to cash considerations. The company clarified that most of the laid-off employees were from non-tech roles, while tech employees would be absorbed into ShareChat and Moj. The decision comes after ShareChat's recent $520 million funding round, which valued the company at $5 billion.

Moj, ShareChat partner with Integral Ad Science for media quality measurement

Economic Times

Economic Times · 1y ago

Moj, ShareChat partner with Integral Ad Science for media quality measurement

Moj and ShareChat have partnered with Integral Ad Science (IAS) to deploy media quality measurement for advertisers on their platforms. Advertisers can now measure and report viewability, invalid traffic, and app-level brand safety using IAS tags. They will also receive a post-campaign analysis report validating the success of their campaigns. ShareChat is also partnering with another global brand to measure advertising effectiveness on their platforms, aiming to demonstrate that short-form videos deliver real business results.

Shunwei may increase ShareChat stake; Ecom Express raising fresh funding

VCCircle

VCCircle · 1y ago

Shunwei may increase ShareChat stake; Ecom Express raising fresh funding

Chinese venture capital firm Shunwei Capital is reportedly in talks to increase its stake in Mohalla Tech, the Indian company behind popular social media platform ShareChat and short-video app Moj. Shunwei first invested in Mohalla Tech in 2018 and has continued to add to its investment over time. Meanwhile, logistics solutions provider Ecom Express is said to be raising fresh funding, although details about the amount and potential investors are not yet known.

ShareChat raises $16 Mn additional debt; lays off 5% employees

Entrackr

Entrackr · 1y ago

ShareChat raises $16 Mn additional debt; lays off 5% employees

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has expanded its debt round to $65 million with $16 million latest infusion from Singapore-based EDBI. In April, ShareChat had raised around $49 million in debt from existing investors including Temasek, Lightspeed, HarbourVest, Moore Strategic, Rimco and Alkeon. The company also saw its valuation nosedived to less than $2 billion from $5 billion during its last fundraise in June 2022. The additional funds will be utilized for advertising company’s tech stack and expand the consumer transactions businesses with investment in newer monetization features, ShareChat said in a press release. A Moneycontrol report also said that ShareChat has let go of 5% of its workforce as a part of its mid-year performance cycle. In 2023, the firm put several cost-cutting measures and sacked 700 employees across two phases. “…some employees are impacted on the basis of performance. This accounts for less than 5% of our workforce. We have a number of open positions and we continue looking for high quality talent across functions,” said a company spokesperson. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. ShareChat claims that the app is operationally proﬁtable for the past several months, while the Moj app is close to operating break-even. Both apps cater to over 325 million users. While the Ankush Sachdeva-led firm is yet to file its FY24 financials, it spent nearly Rs 4,000 crore in FY23 to earn Rs 533 crore in revenue. Overall, it recorded Rs 3,241 crore loss in FY23. The surge in losses was primarily due to the write-off undertaken by the company for the acquisition of Moj’s competitor MxTakaTak. ShareChat spent nearly $700 million via cash and stock to acquire the Times Internet-backed company.

ShareChat appoints Gaurav Jain as chief business officer

Economic Times

Economic Times · 1y ago

ShareChat appoints Gaurav Jain as chief business officer

ShareChat has appointed Gaurav Jain as its Chief Business Officer (CBO) to strengthen ties with digital agencies and help marketers leverage the power of short-form videos. Jain, previously the head of emerging business at ShareChat and Moj, aims to drive the growth of the ad business amidst the short-form video boom in India. The parent company of ShareChat, Mohalla Tech, reported a 62% rise in revenue but a 38% increase in losses for FY23. ShareChat is striving to achieve profitability by 2025, focusing on multiple revenue streams including virtual gifting and chat room offerings.

For creators, regional apps are the gift that keeps on giving

Economic Times

Economic Times · 1y ago

For creators, regional apps are the gift that keeps on giving

Mid-tier content creators in India are exploring regional and local language platforms like ShareChat (Moj), Rooter, and Eloelo to earn money through virtual gifts. These platforms allow creators to host shows or chat rooms where audiences can participate and send virtual gifts or pay subscription fees. The trend of virtual gifting is gaining popularity due to its simplicity and appeal to Gen-Z users. The market for virtual gifting in Indian short video platforms is expected to reach $1.7 billion by 2030. Creators are earning substantial amounts through virtual gifting and brand collaborations on these platforms.

Mukesh Ambani's JioCinema partners with ShareChat and Moj; Here's why

IndianStartupNews

IndianStartupNews · 1y ago

Mukesh Ambani's JioCinema partners with ShareChat and Moj; Here's why

JioCinema, owned by Mukesh Ambani's Jio platform, has formed a partnership with ShareChat and its short-form video app Moj. The collaboration aims to offer a wide range of sports content, including major events like the IPL, Indian Super League, and the Olympics. With ShareChat and Moj's combined user base of over 325 million, JioCinema aims to deliver a more enriched viewing experience by providing multi-lingual commentary and 4K feeds. This partnership is expected to revolutionize the consumption of sports content in India and boost JioCinema's position in the OTT sports market.

JioCinema Partners ShareChat & Moj To Showcase Its Sports Content

Inc42 · 1y ago

JioCinema Partners ShareChat & Moj To Showcase Its Sports Content

Reliance-backed JioCinema has partnered with short-video social media platforms ShareChat and Moj to showcase its sports content, including Indian Premier League, Women’s Premier League, Indian Super League, and the 2024 Olympics. Through this partnership, ShareChat and Moj's combined user base of over 325 million will have access to JioCinema's sports content and behind-the-scenes stories. The move comes as JioCinema aims to expand its customer base and establish a stronger presence in the OTT market. The recently announced merger between Reliance and Disney is also expected to contribute to JioCinema's growth in the sports segment.

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