ShareChat's Parent Mohalla Tech Sees Significant Reduction in Losses

Mohalla Tech, the parent company of ShareChat, reported a significant narrowing of its losses for FY2024 to Rs 1,897.63 crore, down from Rs 5,143.42 crore in FY2023. The company's total income rose by 4% to Rs 747.08 crore. Standalone revenue from operations increased by 33% to Rs 718.1 crore.

ShareChat's parent company, Mohalla Tech, has made substantial progress in reducing its financial losses, according to the latest fiscal report. The firm's consolidated losses for the financial year 2024 narrowed to Rs 1,897.63 crore, a significant improvement from the previous year's loss of Rs 5,143.42 crore.

The Mumbai-based company also reported a 4% increase in total income, climbing to Rs 747.08 crore from Rs 718.75 crore in FY2023. On a standalone basis, Mohalla Tech further reduced its losses to Rs 1,763.65 crore, compared to Rs 4,064.31 crore last year.

Moreover, the standalone revenue from operations grew by an impressive 33% to reach Rs 718.1 crore, while standalone expenses decreased by 46%, reflecting the company's enhanced operational efficiency.

(With inputs from agencies.)