ShareChat, a domestic social media unicorn, has reported a significant decrease in its adjusted EBITDA losses for the financial year 2024. The losses have shrunk by 67% to Rs 793 crore from Rs 2,400 crore in FY23.

The total loss before tax has also decreased by 63%, reaching Rs 1,898 crore compared to Rs 5,143 crore the previous year. This improvement is credited to effective cost optimization measures and a strong revenue growth.

The company has announced a 33% year-on-year increase in revenue, totaling Rs 718 crore for FY24, up from Rs 540 crore in FY23. ShareChat claims to have over 325 million monthly active users across its platforms.

It is worth noting that the social media platform has achieved full profitability with an EBITDA margin exceeding 15% as of October 2024. Additionally, the short video app Moj has reached operational profitability, covering all costs except employee salaries, and is projected to achieve full profitability by the end of FY25.