In a significant breakthrough, Snap Camera India, the Indian subsidiary of social media giant Snapchat, crossed the INR 100 crore revenue mark for the fiscal year ending March 2024 (FY24). The company’s operating revenue surged by 28.5% to INR 101.3 crore from INR 78.8 crore in the previous fiscal year.

Key Drivers of Growth

The impressive revenue growth is largely attributed to Snapchat’s booming advertising business and the success of its premium subscription service, Snapchat+, which amassed over 14 million global subscribers and contributed 9% to Snapchat’s global revenue in Q4 2024.

Financial Highlights

• Net profit rose by 25.9% to INR 9.7 crore from INR 7.7 crore in FY23.
• EBITDA increased by 25.2% to INR 14.4 crore from INR 11.5 crore in the previous year.
• However, EBITDA margin declined by 1 percentage point to 14%, compared to 15% in FY23.

Rapid User Base Expansion

India has emerged as one of Snapchat’s fastest-growing markets, with the user base surpassing 200 million. The platform’s popularity is particularly strong among the 18-24 age group, which makes up 48% of its users. Snapchat is now competing fiercely with Instagram and TikTok in this demographic.

Augmented Reality (AR) Surge

Snapchat CTO Bobby Murphy revealed that the platform’s AR developer community in India has grown by more than 50% over the past two years. This has further strengthened Snapchat’s presence in the Indian digital ecosystem.

Global Performance

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

Snap Camera India’s remarkable financial performance underscores Snapchat’s growing influence in the Indian market and its potential to further dominate the social media and AR space.