tech2 News StaffNov 27, 2019 16:08:42 IST
According to documents filed with the Registrar of Companies (ROC), WhatsApp is waiting for approvals from regulatory authorities for its payment service. The documents revealed that the company has reported revenues of Rs 6.84 crore for the first time in the fiscal year 2019 and a profit of Rs 57 lakh for the financial year that is under review currently.
Coming from an Economic Times report, this development has happened after a year since WhatsApp Business was launched in the country. It allows businesses to directly interact with their customers. Around a million small and medium businesses have registered for the service.
The financial statements reveal that WhatsApp hadn’t reported any revenue for the fiscal year 2018. It mentioned only expenses of Rs 5 lakh in that year. However, it looks like the company has actually started getting revenues this year, even garnering profits.
In a bid to help out the Indian startup community, WhatsApp partnered with Startup India to invest $250,000 to help entrepreneurs. It will provide 500 startups, approved by the Department for Promotion of Industry and Internal Trade (DPIIT), $500 each of Facebook ad credits. This is to ensure that upcoming startups can post free ads (amounting to $500) to invite customers to click open a chat on WhatsApp to increase customer connect.
“Startups and small businesses are the lifeblood of Indian communities and are a powerful driver of local economies,” said Abhijit Bose, Head of WhatsApp India. “India’s entrepreneurs are at the forefront of bringing impactful social and economic change, and we at WhatsApp are committed to providing them support in achieving success.”
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