SnapChat’s India Revenue Crosses INR 100 Cr Mark In FY24

Snap Camera India, the Indian subsidiary of social media giant SnapChat, crossed the INR 100 Cr revenue mark in the fiscal year ended March 2024 (FY24). Its operating revenue rose 28.5% to INR 101.3 Cr during the year from INR 78.8 Cr in the previous fiscal year.

The growth in revenue can primarily be attributed to the company’s robust advertising business and the introduction of its subscription service, Snapchat+, which has garnered over 14 Mn global subscribers and accounted for 9% of SnapChat’s global revenue in Q4 2024. 

Meanwhile, the India entity’s net profit grew 25.9% to INR 9.7 Cr in FY24 from INR 7.7 Cr in FY23.

Notably, Snapchat has been witnessing rapid user growth in India, with its user base surpassing 200 Mn, making it one of the fastest-growing social media platforms in the country. 

The platform’s popularity is particularly pronounced among younger demographics, with 48% of its users aged between 18 and 24. It competes with the likes of Instagram and TikTok. 

Last month, Snapchat CTO Bobby Murphy said that the company’s augmented reality (AR) developer community in India has grown by more than 50% in the last two years. 

Globally, Snapchat reported a revenue of $5.36 Bn for the year 2024, marking a 16% increase from the previous year. The company’s net loss decreased to $698 Mn in 2024 from $1.32 Bn in the prior year.

Tracking Down Expenses

In line with the increase in revenue, Snap Camera India’s total expenditure for the year under review jumped 28.7% to INR 88.3 Cr in FY24 from INR 68.6 Cr in FY23. 

Employee Benefit Expenses: The company’s expenses under this head grew 8.1% to INR 42.5 Cr from INR 39.3 Cr in previous year. 

Notably, last year, Snapchat India’s managing director Pulkit Trivedi told Inc42 that the platform was expanding its team size in the country. Much like other markets, Snapchat is primarily focussed on building a GenZ userbase (13 to 25 years) in India as well, with offerings like its high-tech augmented reality (AR) enabled camera filters.

At the time, he had said that the company’s “commitment is to deepen our connection with Young India, making Snapchat their go-to platform for authentic self-expression, real connections, and innovative brand interactions”.

Notably, in February this year, Snapchat elevated Asia Pacific (APAC) president Ajit Mohan to the role of its new chief business officer (CBO). 

Advertising and Promotional Expenses: The company’s spending under this head surged 37% to INR 14.8 Cr from INR 10.8 Cr in FY23. 

Miscellaneous Expenses: The company spent INR 17.1 Cr under this head, an increase of 134.3% from INR 7.3 Cr in the previous fiscal year. However, it did not give a breakdown of these expenses.