ShareChat Ropes In Ex-TikTok Executive Nitin Jain As CTO

Homegrown social media platform ShareChat has roped in former TikTok executive Nitin Jain as its new chief technology officer (CTO).

In a statement, the company said that Jain will lead the development of technology and applications at ShareChat and its short video app Moj. 

An alumnus of IIT-BHU, Jain has more than 25 years of experience under his belt and has worked across sectors such as fintech, advertising and data analytics. Previously, he worked at companies like Tokopedia, Gojek, TikTok, among others. 

As per his LinkedIn profile, he has experience working on cutting-edge technologies such as artificial intelligence (AI), big data, cloud computing, blockchain, among others.

“… What excites me most about being at ShareChat is the chance to work with, learn from such a talented team and use my experience to deliver a highly personalised social experience to our growing community of users and creators,” said Jain. 

Commenting on Jain’s appointment, ShareChat cofounder and CEO Ankush Sachdeva said, “As we embark on the next chapter of growth at ShareChat & Moj, Nitin’s proven track record in scaling technology-driven businesses, combined with his expertise in cutting-edge fields like artificial intelligence and big data, will be a game-changer for our platform.” 

Jain’s appointment comes close on the heels of ShareChat and Moj parent Mohalla Tech launching a new social media platform called ‘Vibely’ to offer a dedicated app for audio calling feature. 

Founded in 2015 by Sachdeva, Bhanu Singh, and Farid Ahsan, ShareChat is an indigenous social media platform which claims to have 325 Mn monthly active users across all its platforms. 

Earlier this year, ShareChat raised $65 Mn in debt in two separate tranches between April and August 2024 led by Singapore-based fund EDBI and its existing investors Temasek, Lightspeed, HarbourVest, among others. 

Mohalla Tech’s net loss rose 38% to INR 4,064.3 Cr in the financial year 2022-23 (FY23) from INR 2,941.5 Cr in the previous year. Meanwhile, revenue from operations jumped 62% to INR 540.21 Cr in the fiscal year under review from INR 332.69 Cr in FY22. 

Notably, the company claimed that its EBITDA loss declined 67% to INR 793 Cr in FY24 from INR 2,400 Cr in FY23.