ShareChat parent's latest app lets you voice chat with strangers
Mohalla Tech, the parent company of popular social media platform ShareChat and short video app Moj, has launched a new social media application called 'Vibely.' The app's highlight is its private audio calling feature that lets users connect with strangers. Vibely also offers an in-app purchase option to buy gifts. The launch is Mohalla Tech's latest attempt to grow its user base and diversify its product offerings.
Vibely: A dedicated platform for private calling
The introduction of Vibely comes as Mohalla Tech's strategic move to offer a dedicated platform for private calling, a feature already available on ShareChat and Moj. The idea behind this was to make things easier for users by not forcing them to go through a ton of posts and notifications on existing platforms. "If someone wants to just have a conversation, why should he/she have to go through several posts and notifications on ShareChat/Moj," an inside source explained to Inc42.
Mohalla Tech's financial outlook and recent funding
The launch of Vibely also comes as part of Mohalla Tech's efforts to cut its losses and boost revenue. Though ShareChat's FY24 financials are yet to be revealed, insiders expect the company to generate ₹700 crore in revenue against ₹540 crore in FY23. The company's net loss is also expected to drop drastically from ₹4,064 crore in FY23 to about ₹1,800 crore in FY24.
ShareChat's EBITDA status and Vibely's launch
As of September 2024, ShareChat has reached a positive EBITDA status. However, Mohalla Tech has not responded to Inc42's queries about the launch of Vibely or its financials for FY24. The development comes soon after ShareChat raised $16 million debt from Singapore-based fund EDBI in August, bringing its previous debt round to $65 million.
