Chingari, the Bengaluru-based social media startup, saw operating revenue halve in FY25 as it transitioned from a short‑video app to a paid private live‑streaming model, reporting ₹44 crore versus ₹92 crore a year earlier. The strategic pivot compressed scale but cost controls helped cut net losses substantially.
Revenue contraction and geographic mix
Company filings with the Registrar of Companies show operating revenue fell about 52–53% year‑on‑year to ₹44 crore in the fiscal year ended March 2025, down from ₹92 crore in FY24 and well below the ₹113 crore recorded in FY23 prior to the strategic change.
The revenue composition underlines Chingari’s international reach: exports contributed nearly 72% of operating revenue (roughly ₹31.3 crore), while domestic revenue made up about 28% (around ₹12.2 crore), reflecting stronger monetisation traction outside India during the transition.
Shift from short videos to paid private streaming
Founded in November 2018 and initially known as an Indian alternative to TikTok after the 2020 ban, Chingari pivoted in June 2023 to a paid private live‑streaming format. The new model enables one‑to‑one live interactions between users and creators, monetised through purchase of virtual currency called “diamonds” that grant access to private calls and exclusive creator interactions.
The move represents a deliberate shift away from an open user‑generated short‑video ecosystem toward a creator‑centric, subscription/transactional monetisation strategy. While this model offers higher revenue potential per user, it also requires convincing both creators and audiences to adopt paid interaction formats, which contributed to the FY25 revenue decline. The company maintains strict content moderation policies, prohibiting explicit content and nudity.
Cost reduction drives narrower losses
Despite the decline in top line, Chingari narrowed its net loss to ₹8.8 crore in FY25, a reduction of about 62% from ₹23.3 crore in FY24. Total expenditure fell roughly 55% year‑on‑year to ₹52.4 crore from ₹116.3 crore, reflecting aggressive cost optimisation.
Marketing and promotions remained the largest expense but were substantially trimmed: advertising spend dropped to ₹23.75 crore from ₹43.65 crore. Employee benefit costs declined about 58% to ₹13.4 crore amid workforce rationalisation and organisational restructuring. Technology and platform costs rose modestly to around ₹9 crore, indicating ongoing investment in product and infrastructure to support the live‑streaming model.
Financial efficiency and liquidity
On an efficiency basis, Chingari spent approximately ₹1.20 to earn every ₹1 of operating revenue in FY25, underscoring that while losses have narrowed, sustainable profitability remains a medium‑term challenge as the company scales the new model.
As of March 2025, the startup reported current assets of about ₹8 crore, including cash and bank balances of roughly ₹2.2 crore, pointing to a modest liquidity cushion as it seeks to stabilise and grow monetisation.
Outlook
FY25 appears as a transition year for Chingari: revenue contracted amid a strategic pivot, but disciplined cost management improved the loss profile. The company’s near‑term success will depend on creator adoption, users’ willingness to pay for private interactions, and traction in international markets where it already derives a significant portion of revenue.
If Chingari can scale paid engagements and grow its base of paying users while maintaining content controls and platform investment, it may rebuild revenue momentum over the coming quarters.
