Sharechat says adjusted EBITDA losses fell sharply in FY24 to Rs 793 crore
Sharechat on Tuesday said its adjusted EBITDA losses fell by 67 per cent year-on-year to Rs 793 crore in FY24, amid 33 per cent growth in revenue. The company further said it is on track for a cash breakeven by March 2025.
With improved financial metrics, the company expects to start investing back into growth and is on «active» lookout for inorganic opportunities through acquisitions. Organic growth will happen through the expansion of the user base and increasing revenue per user. Sharechat has social media brands such as Sharechat app and Moj under its portfolio.
While the company is sufficiently capitalised for now, it is looking at «adding more people to cap table ahead of preparations for IPO journey». It is eyeing timelines of 18-24 months for a possible IPO, depending on market conditions.
«We will try and do one more funding round before we do IPO...possibly next year… but we don't need capital so we will time it based on interest in the market,» Manohar Singh Charan, chief financial officer, Sharechat and MOJ said at a briefing.
Sharechat said it has posted a 33% YoY growth in revenue to Rs 718 crore in FY24. This is up from Rs 540 crore it clocked in FY23.
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