ShareChat was founded in January 2015 as a social networking site focused towards Indian audiences. The platform is available in 14 different languages for Indian consumers. It offers a wide range of vernacular content to its customers, including health, religion and dictionaries, to mention a few. ShareChat presently employs more than 1000 people.
How Does It Work?
Users of ShareChat can create, find, and share content with each other. It allows users to track frequent updates from other users on the same site, whether they are content providers, friends, or anybody else of interest. ShareChat members are not only passionate about consuming the information they find on the site, but they are also actively participating in its development.
The number of social media users in India has expanded at an exponential rate, reaching 518 million by 2020. Regardless of the fact that Facebook is a successful social media site, there was a dire need for a vernacular social media platform, and ShareChat was founded to fill this demand.
Founders and Team
Farid Ahsan (Co-founder and COO ), Ankush Sachdeva (CEO ), and Bhanu Singh Co-founder and CTO) launched Sharechat.
The Birth of the Idea
ShareChat is based on a broad observation. It stems from the co-founders’ general observation that there is a segment of users who would want to express themselves but lack a platform, and given a chance, would not hesitate to do so. As a result, this regional audience would have their own preferences for content consumption, which will almost certainly not be matched by the social Platforms like Facebook utilised by the metro audience. According to the co-founders, until ShareChat came along, this regional audience was mostly untapped, and the business was relatively untapped. This is how ShareChat came to be, thanks to three brilliant minds who saw an opportunity and turned it into a million-dollar business.
Revenue Model
Sharechat do not charge from its customers however it generates revenue through advertisements, financial transactions, and sponsored campaigns.
Acquisitions
On February 10, 2022, ShareChat’s Moj acquired MX TakaTak, which was funded by Times Internet. The $700 million deal involved a strategic merger between Moj and TakaTak. At the time of the merger, MX TakaTak was one of the top four most downloaded short video apps, and it was ShareChat’s archrival. As a result of this transaction, ShareChat currently owns two social short video services, Moj and TakaTak.
Future Plans
According to ShareChat, there will be substantial changes, and users can expect to see a lot more content creators becoming celebrities, as well as those who become popular on ShareChat. ShareChat wishes to target a broader geographical audience. The platform does not want to be restricted to India. Share Chat, which has over 130 million monthly active users (MAUs), has been trying to capitalise on TikTok’s absence from India as a result of the government’s prohibition.
