Sharechat cuts losses by 63 per cent to Rs 1,897 crore in FY24

Mohalla Tech, which owns vernacular social media platforms ShareChat and Moj, reduced its consolidated loss to Rs 1,897.6 crore in FY24, from Rs 5,143.4 crore a year ago, when its bottom line was primarily hit by the write-off associated with its MX TakaTak acquisition.

Revenue from operations rose 19% to Rs 748 crore, while its total expenses fell around 33% to Rs 2,512 crore in FY24, according to financial data accessed via Tofler. The reduction in expenses was largely due to optimised server costs, a sharp drop in depreciation costs, and lower employee-related costs.