Snap Camera India, the Indian subsidiary of Snapchat, surpassed the INR 100 Cr revenue milestone in the fiscal year 2024 (FY24), marking a 28.5% increase in operating revenue to INR 101.3 Cr from INR 78.8 Cr in the previous fiscal year.
The growth was fueled by Snapchat’s expanding advertising business and the success of its subscription service, Snapchat+, which has over 14 million global subscribers and contributed 9% to the company’s global revenue in Q4 2024.
Snapchat India’s net profit rose 25.9% to INR 9.7 Cr in FY24 from INR 7.7 Cr in FY23, while its EBITDA grew 25.2% to INR 14.4 Cr. However, the EBITDA margin declined slightly from 15% in FY23 to 14% in FY24.
Rapid Growth in India
Snapchat continues to gain traction in India, with its user base surpassing 200 million, making it one of the fastest-growing social media platforms in the country. The platform is particularly popular among younger audiences, with 48% of users aged between 18 and 24, competing directly with Instagram and TikTok.
Last month, Snapchat CTO Bobby Murphy highlighted that the company’s augmented reality (AR) developer community in India has expanded by over 50% in the past two years.
Globally, Snapchat’s revenue grew 16% to $5.36 billion in 2024, while its net loss narrowed to $698 million from $1.32 billion in the previous year.
Rising Expenses in India
Snap Camera India’s total expenditure increased 28.7% to INR 88.3 Cr in FY24 from INR 68.6 Cr in FY23. Key expenditure areas included:
- Employee Benefit Expenses: Increased by 8.1% to INR 42.5 Cr from INR 39.3 Cr in FY23. Snapchat India has been expanding its team, focusing on engaging Gen Z users (ages 13-25) with high-tech AR-enabled filters.
- Advertising & Promotional Expenses: Jumped 37% to INR 14.8 Cr from INR 10.8 Cr in FY23.
- Miscellaneous Expenses: More than doubled to INR 17.1 Cr, up 134.3% from INR 7.3 Cr in FY23. However, the company did not disclose a breakdown of these expenses.
Leadership Changes
In February, Snapchat promoted Asia Pacific (APAC) president Ajit Mohan to the role of Chief Business Officer (CBO), signaling its commitment to further expanding operations in the region.
With a rapidly growing user base and increased focus on advertising and AR technologies, Snapchat India is poised for further expansion, strengthening its position in the competitive social media landscape.