While studying at IIT Kanpur, Farid Ahsan, Bhanu Pratap Singh, and Ankush Sachdeva began developing applications together in 2012. Three years and 17 items later, the trio had achieved success with ShareChat, a social networking software accessible in six Indian languages, with plans to add two more.
Users may create, find, and share material in their favourite Indian language from digital networks (such as Facebook, WhatsApp, and the collage tool PhotoGrid) to ShareChat’s own interface, and vice versa. “ShareChat simplifies access to content for non-English speakers,” says Ahsan, the company’s CEO.
The three had burned their fingers on at least 10 occasions before launching ShareChat, including a panorama-based real estate engine that failed to take off.
“The images were so heavy, they could not be rendered on a computer,” recalls “Our products were technologically good, but we weren’t solving any real problems,” says CEO Sachdeva.
On its platform, ShareChat introduces ‘Private Messaging,’ ‘Shake-N-Chat,’ and ‘Open Tagging.’
The ‘Private Messaging’ function is intended to facilitate one-on-one contact amongst India’s vernacular internet users in Indian languages. Users may also utilise the ‘Open Tagging’ function to create tags and upload relevant information under these user-generated tags. The most popular and engaging user-generated tags will be shown in the platform’s “explore” section.
“Over the years, we have observed that many users shift to other direct messaging apps for privacy purposes. ShareChat is a unique platform which connects users with similar interests resulting in relevant and meaningful discussions. The launch of new features like Private Messaging and Shake-N-Chat strengthens the platform’s social experience between both known and unknown users. We are very excited to launch these new features and are confident that they will resonate with users,” said Sunil Kamath, chief business officer, ShareChat.
ShareChat considers the daily needs of first-time online users for digital material and information in their native language. It provides users with a platform to express their feelings, display their abilities, discuss trends, and meet new people who have similar interests. ShareChat now has 30 million unique users registered on the site. (ANI)
“Users have responded better than our expectation with the launch of Open Tagging feature. Users are actively creating diverse tags on the latest events and posting relevant content around the theme,” said Shashwat Chandra, senior product manager, ShareChat.
Success of Sharechat
The business has raised $224 million in funding. In August of this year, Twitter joined in ShareChat’s $100 million Series D fundraising round. ShareChat had a revenue of INR 25.81 crore in the financial year 2019, with costs of INR 440.55 crore and a loss of INR 414.74 crore.ShareChat has migrated towards Tier 2 and 3 markets for development, as is natural for regional language content businesses, with a user base of 60 million monthly active users (MAUs) and over 100 million app downloads.
The firm was also predicted to be on the verge of joining the unicorn club in 2020, thanks to its growing popularity and investor trust. It is ,though, having a difficult time competing against well-funded Chinese competitors like ByteDance’s TikTok and Helo, as well as the advent of Lokal, Vokal, and other regional language content applications. ShareChat also just released Jeet11, a fantasy sports app that has been in beta for six months. It has over 120K members and allows users to place game bets on cricket and football events using a fantasy sports concept.