Sharechat benefited greatly after India banned Chinese social media apps like TikTok last year and in April 2021, it has raised $500 million led by Tiger, Snapchat and Twitter.
Regional language Indian social network ShareChat said on July 27 that its parent company, led by Temasek, has raised $145 million. After the new tranche of capital, ShareChat would be valued at $2.88 billion, the company said in a statement on Tuesday. Earlier in April, its price was close to $ 2.1 billion.
In April, the Bengaluru-based firm raised $502 million led by Tiger Global, making it into the much-coveted unicorn club. Mohalla Tech, which runs ShareChat and short video app Moj, has also raised money from Coren asset managers Mirae and Moor Strategic Ventures. All told, the total funding round is $647 million. Snap Inc. and Twitter are among its existing investors.
Sharechat said the total capital raised by the company this year will help the firm doubling down on its strategy to develop the best in AI or artificial intelligence feed, attract and encourage creator base and strengthen security on its platform. It said it has hired senior officers with expertise in the AI/ML domain in the recent month.
ShareChat and Moj benefited from Tiktok ban
ShareChat has raised nearly $650 million in the last quarter alone, the platform benefited after India banned Chinese social media apps like TikTok last year, and in April, it raised $500 million led by Tiger, Snapchat and Twitter . The money will be used to hire senior technology talent, create best-in-class artificial intelligence feeds, and attract a creator base, encourage and enhance the platform’s security.
Ankush Sachdeva, Co-Founder and CEO, ShareChat and Moz, said, “In the last 12 months, we have grown with Moj and ShareChat with a monthly active user base of 160 million and a strong 50+ million creator community and India’s No. 1 short video app in a year. We are extremely proud of what we have been able to achieve…”
We are thankful to all our existing and new investors for their support.
— Ankush Sachdeva (@AnkushSach) April 8, 2021
Launched in 2015 by three IIT Kanpur alumni – Sachdeva, Fareed Ahsan and Bhanu Singh, ShareChat was one of the early players in the regional language content and social media space in India. Last year dozens of players were ready to compete. . New start-ups include MX Player’s Takatak, Chingari, Mitron TV and Dailyhunt Josh – all of which launched alongside Moz.
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