ShareChat has plans to raise more funds from investors in the coming months, as per a source.
ShareChat Raises $502 Million From Snap, Twitter, Others; Valuation Tops $2 Billion
ShareChat content-sharing platform stated it has raised $502 million (roughly Rs. Three,720 crores) in clean investment from Tiger Global, Snap, and some existing buyers which include Twitter, valuing it at greater than $2 billion (roughly Rs. 14,840 crores).
The investment became led by means of US venture capital company Lightspeed Venture Partners and American investment firm Tiger, ShareChat stated in a assertion on Thursday.
Tiger Global and Snap, owner of famous image-messaging app Snapchat, are new investors in the Indian platform.
The funding signals growing investor interest in Indian social media apps which are looking to tap into pent-up demand after New Delhi banned dozens of Chinese apps, consisting of ByteDance’s TikTok, following an India-China border conflict last 12 months.
Moj and different similar alternatives of the popular video app TikTok were finding favour with users in India, in which phone use has been rapidly surging.
ShareChat is now valued at little extra than $2.1 billion (kind of Rs. 15,590 crores), it said, including that new budget will be used to double down on technology tasks and support consumer growth.
“With this infusion of capital we’d retain to aggressively grow our consumer base,” ShareChat CEO Ankush Sachdeva stated.
The ShareChat app has 160 million users in India and Moj has one hundred twenty million. Moj and other comparable TikTok options were locating favour with customers in India, in which smartphone use has been swiftly surging.
ShareChat has plans to elevate extra finances from investors inside the coming months, a supply familiar with its plans said.
The organization declined to comment on future investment plans.
ShareChat’s valuation makes it India’s modern day “unicorn”, which describes tech startups valued at greater than $1 billion (kind of Rs. 7,420 crores).
Including the latest investment, ShareChat has now raised $766 million (more or less Rs. Five,690 crores) over six investment rounds.
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