What is Truth Social, Donald Trump-owned social media platform PM Modi just joined

People in India are suddenly talking about the social media platform Truth Social, which is otherwise not very popular in the country, as Prime Minister Narendra Modi recently joined it.
In his initial few posts on the platform, PM Modi referenced either India's relations with the United States or the US President Donald Trump. "Delighted to be on Truth Social!" he wrote in his first post.
But what is Truth Social?

X-like 'alt-tech' network
Truth Social -- stylised as TRUTH -- is a globally-available social networking service launched by Trump Media & Technology Group, which is largely owned by Trump.
It is similar to X (officially called Twitter before Elon Musk acquired the platform) in its design and functioning.
It is often described as an "alt-tech" -- alternative technology -- network in the sense that it seeks to provide an alternative to mainstream social media platforms like Twitter and Facebook. Alt-tech platforms are known for using much looser content moderation policies.

Launched after ban on Trump
Truth Social was developed after Trump, in 2021, was banned from Twitter and Facebook, following an attack on the US Capitol in January 2021. Supporters of Trump had stormed the government building after the results of the 2020 US presidential election, which Trump lost.
The platform was launched in February 2022. It is available for use on the web, and the app stores of Android and iOS devices.

Regulatory and financial struggles
Since its launch three years ago, Truth Social has been facing regulatory and financial issues. Google's Play Store initially did not allow the app on Android devices as it found the app in violation of its policies against inciting violence.
The company controlling Truth Social was once valued at nearly USD 11 billion but it lost USD 58 million by the end of 2023.
In May 2024, the company reported losses of USD 327 million in the first quarter of that year.