The social media apps are just not limited to socializing, but they have become tools for doing business. Facebook-owned Whatsapp, reported its revenues for the first time since it launched Whatsapp Business in India.
Brand Equity reported that Whatsapp filed revenues of $1.3m and a profit of $100,000 with the Registrar of Companies for this year.
Whatsapp Business is a service that provides businesses to use Whatsapp to communicate with customers. It was reported that around a million businesses are using the app already.
The news comes ahead of the business launching a payment service in India. The launch is expected by the end of this year.
According to The Drum, Head of Whatsapp India, Abhijit Bose told Brand Equity: “We hope to offer the service by the end of the year. Our goal is to enable the end-to-end communication cycle between small businesses and customers. Payment is just one more step in how businesses interact with users.”
With over 400 million users in India, Whatsapp is set to become an important and large market for the messaging service.