Snap Inc's India unit posts four-fold jump in FY21 revenue at Rs 32.7 cr – Exchange4media

Snap Camera India, the India unit of Snap Inc, has posted a four-fold jump in revenue at Rs 32.7 crore for the fiscal ended 31st March 2021, compared to Rs 8.68 crore in the previous fiscal. Snap Camera India is a subsidiary of London-based Snap International II Limited. According to the company’s financial data accessed by business intelligence platform Tofler, Snap Camera India’s expenses registered a four-fold increase at Rs 28.75 crore from Rs 7.57 crore due to a bump up in employee benefit expense. During the fiscal, the employee benefit expense soared over seven times to Rs 19.58 crore from Rs 2.57 crore. Other expenses expanded by 83.12% to Rs 8.9 crore from Rs 4.86 crore. Snap Camera India reported a net profit of Rs 2.9 crore, an increase of 255% from Rs 82.2 lakh in the previous fiscal. Queries sent to Snap Camera India remained unanswered till the time of filing this report. Speaking at the second edition of ‘Snap in India’ event last year, Snap Co-Founder and CEO Evan Spiegel had announced that Snapchat has reached the milestone of 100 million Snapchatters monthly in India.During the Q4 2021 earnings call, Spiegel had said that the American camera…
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