ShareChat raises USD 50M funding, targets profitability amidst strategic shift

ShareChat has secured a USD 50 million investment from Lightspeed, Temasek along with contributions from other investors. With this investment, ShareChat transitions from focusing on user expansion to a revenue-driven model, positioning itself for sustainable growth.

Over the past two years, ShareChat has undergone a transformative journey, marked by a strategic shift toward bolstering revenue streams and achieving financial viability. During this period, the company slashed its monthly expenditure by 90% while doubling its revenue.

ShareChat achieved profitability for its flagship product in October 2023, with expectations set for profitability of the Moj product by June 2024 and the overall company within the next 12 months.

ShareChat has announced a one-time bonus for all employees, effectively doubling their ownership in the company. To facilitate this, the company has allocated an Employee Stock Ownership Plan (ESOP) pool representing 3.5% of its capitalization table for bonus grants.