Success Story of Sharechat: From A Small Startup To Becoming 50K Crore Brand

The rise of social networking platforms, which have been propelled by the increasing usage of smartphones and internet, has ushered in a new era of global communication. However, amidst this digital transformation, several platforms have unwittingly overlooked the language and cultural diversity seen in places like India. Today, most of the social networking sites cater to English-speaking viewers.

Witnessing this void, three IIT graduates – Ankush Sachdeva, Farid Ahsan and Bhanu Singh launched Sharechat, a platform that allows its users to create, explore and share content countrywide. In this blog, we will uncover the entire success story of Sharechat and understand how its founders gained so much popularity. 

How Did It Begin? 

Ankush Sachdeva’s journey from adversity to launching a successful networking platform is a perfect example of perseverance and innovation. After graduating from IIT Kanpur, he started his professional career by joining Microsoft as an intern. However, the corporate world failed to ignite his passion, leading him to take the entrepreneurial plunge. Despite facing several failures at a very early stage of his career, Sachdeva didn’t lose hope and tried his hand at 17 different startup ideas. But unfortunately, all of them weren’t able to achieve success.

Yet, he refused to give up on his startup dream and on his 18th attempt to launch a new business venture with other two IIT grads Farid Ahsan, Bhanu Singh, Ankush finally succeeded. In 2015, Ankush and his two partners founded Sharechat, a social media platform catering to users seeking novel experiences beyond Facebook and WhatsApp. Founded in January 2015, under the parent company Mohalla Tech Pvt Ltd, Sharechat was initially launched in regional languages such as Hindi, Marathi, Malayalam, and Telugu languages.

Obstacles In The Road

ShareChat’s path to success was not without its challenges. The company faced difficult times in 2023 which put its tenacity and adaptability to the test. Last year, one of the biggest hurdles for the Sharechat founders was the requirement to implement a large labor reduction, which affected almost 25% of the company. This reorganization was Sharechat’s response to  continuously changing market conditions in their dynamic sector, which required them to optimize their  operations.

In addition to this, the Bengaluru-based startup had to contend with competition from globally renowned social media giants vying for market dominance in India. Navigating this crowded landscape while carving out a niche for itself posed a significant challenge for the platform. Further, building and scaling a social networking platform that catered to the unique needs and preferences of Indian users also needed innovation, agility, and a deep understanding of local nuances.

Growth Of Sharechat

The social media platform, which was initially started in regional languages to attract audiences from Tier 2 and Tier 3 cities of India, has swiftly expanded its reach across the globe, establishing a substantial user base in the US, Europe, and several other countries. As of March 2024, Sharechat has registered more than 32 million creators on its platform along with 180 million monthly active users. Earlier, in June 2022, Sharechat secured a huge amount of funding, pushing its overall valuation to more than Rs 50,000 crores.

As the platform continues to grow, it expanded its services to offer a wide range of features and content formats, including short videos, news, memes, and more. By catering to diverse interests and preferences, Sharechat has gained a loyal user base who found a sense of belonging and connection on the app.