Chingari Turns Corner? Short-Video Platform Crosses Rs 100 Cr Revenue, Cuts Losses

Chingari Sees Revenue Spike, Losses Shrink in FY23: Short-Video App Makes Strides

Key Points:

• Chingari, the homegrown short-video platform, crossed Rs 100 crore in revenue for the fiscal year 2023 (FY23). This represents a 2.3-fold increase compared to FY22.
• Despite strong revenue growth, losses declined by 70% to Rs 42 crore in FY23, showing progress towards profitability.
• This positive performance comes after a strategic pivot to paid, private live streaming at the start of FY24. The impact of this change on future financials is still to be seen.
• Revenue growth was partly driven by a significant reduction in advertising expenses (from Rs 113 crore to Rs 29 crore).
• While revenue is up, it's worth noting that Chingari downsized significantly, with reports suggesting a 60% employee reduction in the current year.