ShareChat elevates Gaurav Jain to chief business officer

ShareChat, a social networking service platform, has elevated Gaurav Jain to the position of chief business officer. Previously, he was the head of emerging business at ShareChat and Moj and looked into building the short-form video monetization narrative in the country.

Jain started his career at NVIDIA, and went on to work across Citibank, Jaypee Capital Services, Google, Meta and Snap. During his stint at Meta, Jain was the founding member of Meta (Facebook) India Mid Market business.

ShareChat was valued at $5 billion in its last funding round and is backed by investors such as X (formerly Twitter), Google, Lightspeed, and Temasek. The company saw its revenue increase by 59 percent from Rs 347 crore in FY22 to Rs 553 crore in FY23, according to the company's annual financial report sourced from Tofler. Meanwhile, the social media unicorn’s net losses shot up by 72 percent from Rs 2,989 crore in FY22 to Rs 5,144 crore in FY23 on the back of rising server rents, financing costs, foreign exchange losses, etc.

Mentioning a company source, Moneycontrol reported that the headline loss number for FY23 is inflated because of multiple notional cost entries and one time expenses such as amortisation of goodwill from acquisitions (amounting to Rs 1,903 crore), forex losses on account of restatement of USD denominated debentures and accrual of interest on debentures. In reality, these debentures, along with all accrued interest will convert into equity shares later and, hence, none of these entries will materialise in actual cash outflow.