Short-video-making app Chingari, is becoming paid but private live streaming app which connects users and creators at the beginning of the ongoing fiscal year. While the impact of the pivot on its top and bottom lines will be evaluated when it reports FY24 numbers, the company’s revenue soared over two-fold in FY23.

Chingari’s revenue from operations spiked 2.3X to Rs 113 crore in the fiscal year ending March 2023, its annual financial statement sourced from the Registrar of Companies (RoC) shows. Significantly, the company’s losses goes down to 70% during the last fiscal year.

This app was founded in November 2018, and it was used to be a clone app of Tiktok, until FY23 when it allowed users to create and post short videos. The sale of services was the only source of revenue for Chingari in the last fiscal.

In August 2022, Chingari launched its crypto token called $GARI and was set to make a debut on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, and MEXC Global. The firm also roped in Bollywood actor Salman Khan to launch the NFT marketplace and reward platform.

The application development formed 32% of the overall expenditure which increased by 16.3% to 50 crore in FY23. Chingari’s employee benefits cost surged 3.8X to Rs 46 crore in FY23. Notably, Chingari cut 60% of its employees in the current calendar year and is only left with 50-60 people in the team as per media reports.

The compay’s promotional cost declined significantly to 29 crore in FY23  from Rs 113 crore in FY22. The legal professional, subscription membership, rent, traveling, and other expenditures took the company’s overall cost to Rs 156 crore in the previous fiscal year.