ShareChat raises $48.89 million in debt amid push for profitability

ShareChat has secured $48.89 million in debt financing led by Tencent and Lightspeed. The social media company, valued at nearly $5 billion, aims for profitability within four to six quarters following two rounds of layoffs in 2023. Despite a 59% revenue increase to ₹553 crore in FY23, ShareChat's net losses rose 72% to ₹5,144 crore due to various costs.