Homegrown social media platform ShareChat has appointed Nitin Jain, a former executive at TikTok, as its new Chief Technology Officer (CTO). In this pivotal role, Jain will spearhead the development of technology and applications for ShareChat as well as its short video platform, Moj.
Jain, an alumnus of IIT-BHU, brings over 25 years of experience across various sectors, including fintech, advertising, and data analytics. His extensive career includes notable stints at leading companies such as Tokopedia, Gojek, and TikTok, where he honed his expertise in cutting-edge technologies such as artificial intelligence (AI), big data, cloud computing, and blockchain.
“I am most excited about joining ShareChat to work alongside an incredibly talented team, utilizing my experience to create highly personalized experiences for users and creators,” Jain commented on his appointment.
Ankush Sachdeva, ShareChat’s co-founder and CEO, expressed confidence in Jain’s ability to drive the company’s next phase of growth. He highlighted Jain’s proven track record in scaling technology-driven businesses and his expertise in AI and big data as critical assets for ShareChat and Moj’s future success.
Jain’s appointment follows the recent launch of a new social media platform called ‘Vibely’ by Mohalla Tech, the parent company of ShareChat and Moj. Vibely aims to provide a dedicated audio calling feature, further expanding the company’s offerings.
Founded in 2015, ShareChat has grown to become one of India’s leading social media platforms, with 325 million monthly active users across its platforms. Earlier this year, ShareChat raised $65 million in debt through two separate tranches led by Singapore-based fund EDBI and existing investors including Temasek, Lightspeed, and HarbourVest.
Despite a 38% rise in net loss to INR 4,064.3 crore in FY23, ShareChat reported a significant 62% increase in revenue, reaching INR 540.21 crore. The company also highlighted a remarkable 67% reduction in EBITDA loss for FY24, indicating strong operational improvements.
