Even after gaining zero revenue in the financial year 2019, with a loss of INR 415 crore, ShareChat, a vernacular social media platform, has been looking to hire about 100-150 people over the next few months, reported Yourstory.
The Bengaluru-based startup ShareChat, will also continue to invest in strengthening its infrastructure and presence in Tier II cities and beyond in the country.
“We are on track to win over the next billion users and scaling our platform. We envision a positive and exciting future for ShareChat. Every successful internet company has invested in building the scale first, before focusing on the bottomline,” Farid Ahsan, co-founder and CEO at ShareChat, said.
ShareChat was founded by Farid Ahsan, Bhanu Singh and Ankush Sachdeva, in October 2015. It allows users to create, discover, and share content with each other.
Accessible in 14 regional languages, ShareChat’s strength has been its popularity in Tier 2 and Tier 3 cities.
ShareChat has started offering multiple options to earn through referrals. For starters, users can share links to their friends and earn INR 50 as well as a scratch card after three successful referrals.
The platform offers its services in 14 languages – Hindi, Malayalam, Gujarati, Marathi, Punjabi, Telugu, Tamil, Bengali, Odia, Kannada, Assamese, Haryanvi, Rajasthani, and Bhojpuri.
Ahsan further added that about 15-20 per cent of ShareChat users are from the top eight cities in the country, about 30-33 percent users are from locations that would be classified as small towns and villages.
Furthermore, as per the report, published by Google- KPMG, an estimated 536 million Indians are expected to use regional languages while online by 2021, complemented by increasing affordability of devices and data charges and availability of more local content.
Besides, there are other social media platforms in the similar domain, which include ROPOSO, BetterButter, Giphy, 9GAG, Vocal, TikTok, and many more.
Also read: Vernacular social media platform ShareChat losses INR 415 cr in FY19 without generating any revenue