ShareChat, the social media platform, has raised $48.8 million through convertible debentures from existing investors like Temasek and Lightspeed. The funding round is expected to help ShareChat achieve profitability in the next 12 to 15 months, as reported by Inc42.
The company is also in talks with investors for a larger equity funding round. ShareChat has raised over $1 billion in funding so far, with plans to raise up to $65 million from existing investors in the near future.
In December, ShareChat laid off 200 employees, constituting about 15% of its workforce, in a strategic restructuring move. The parent company, Mohalla Tech, stated that this decision was made to streamline costs and aim for profitability within the next 4-6 quarters.
Despite having a net loss of Rs 4,064.3 crore in FY23 and revenue of Rs 540.21 crore, ShareChat remains optimistic about its future prospects. The funding and restructuring efforts are seen as steps towards achieving financial stability and growth in the near future.
