ShareChat would continue focussing on growing and retaining users for monetising the platform. This was said by a top executive of the social media platform. This is amid ShareChat facing intense competition from Chinese ByteDance owned short video platforms TikTok and Helo in India.
Compared to the last six months, ShareChat has been boosting levers to drive user engagement on ShareChat. This includes building several interest-based micro-communities on commerce, religion, gaming, and fantasy sports.
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ShareChat, backed by Twitter, has more than 5.8 million daily active users, that has been flat broadly over the last six months.
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This move comes at a time when apps like ShareChat, TikTok, and BigoLive have been charged for putting inappropriate content on their platforms. So far, ShareChat has more than 120,000 registered users.
Last year in August, ShareChat has raised $100 million, which was being led by Twitter. Existing investors like Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital also participated.
Also last year, Mohalla Tech, the parent company of ShareChat had made INR. 25.8 crore in revenue for the fiscal year that ended in March 2019.
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