Mohalla Tech's losses jump 72.13% to Rs 5144 crore in FY23

Mohalla Tech, the parent company of ShareChat and Moj, witnessed a staggering 72.13% increase in losses on a YoY basis, rising from Rs 2988.6 crore in FY22 to Rs 5144.2 crore in FY23.

Several reports citing data obtained from business research platform, Tofler, also mention that the company incurred losses despite a 59.33% rise in its consolidated revenue from operations.

In FY23, the company’s revenue from operations stood at Rs 552.7 crore as against Rs 346.9 crore it clocked in during the corresponding period of FY22.

As of now, the accumulated loss of Mohalla Tech amounts to Rs 10,539.2 crore.

Of this, ShareChat is believed to be responsible for the notable surge in company’s losses mainly due to the write-off associated with the acquisition of MX Takatak.

Also, the company’s expenses related to depreciation and amortisation linked to MX Takatak went up from Rs 24.4 crore in FY22 to Rs 1920 crore this fiscal year.

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