Meta surpasses the $2 billion revenue mark in India

Meta’s filings with RoC it has registered gross ad revenue growth of 74% (YoY)

Meta Platforms, which owns Facebook, WhatsApp, and Instagram, surpassed $2 billion in revenue in India in FY22, which has become a strategic market for the US company. The growth comes at a time when WhatsApp has seen significant growth in India, nearing 500 million users in the country.

According to the company’s filings with the Registrar of Companies (RoC), gross advertising revenues of Rs.16,189 crore or around $2 billion for FY22, a rise of 74 percent year-on-year (YoY). In FY21, Facebook India Online Services — as the company is registered in India — had reported gross advertising revenues of Rs.9,326 crore, a jump of 41 percent YoY.

The social network posted a total profit of Rs.440 crore (after tax) in the country, growing at 116 percent (YoY) in FY22. Profit after tax was Rs.297 crore, growing at 132 percent.

Nicola Mendelsohn, Vice President, Global Business Group, Meta, called the partnership a “lighthouse example” for the world. “You can go into the [JioMart] catalogue, you can choose the things you want to be delivered and pay for it… all within WhatsApp. It’s the first time we’ve done that globally,” Mendelsohn, head of Meta’s global advertising business, said.

WhatsApp for Business has also seen a meteoric rise in the country, especially for small businesses.

[With Inputs from IANS]

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