ShareChat acquired online fashion marketplace Elanic, Founders of Elanic will get senior leadership roles. With this ShareChat now looking to leverage Elanic’s social commerce offering in future product development.
Elanic is a peer-to-peer marketplace for fashion and lifestyle products, enables users to showcase and sell their pre-owned fashion products, has over 5 Mn downloads with close to 1Mn active listings.
ShareChat allows users to create, discover, and share content with each other in vernacular languages. It also has messaging features such as anonymous chat and direct messaging.
ShareChat reported a revenue of INR 25.81 Cr in FY'19, with expenses of INR 440.55 Cr & with a loss of INR 414.74 Cr in the same FY year.