The funding alerts rising investor curiosity in Indian social media apps that need to faucet into pent-up demand after New Delhi banned dozens of Chinese apps, together with ByteDance’s TikTok, following an India-China border conflict final 12 months.
Moj and different comparable alternate options of the favored video app TikTok have been discovering favour with customers in India, the place smartphone use has been quickly surging.
ShareChat is now valued at little greater than $2.1 billion (roughly Rs. 15,590 crores), it mentioned, including that new funds will probably be used to double down on expertise initiatives and assist consumer development.
“With this infusion of capital we would continue to aggressively grow our user base,” ShareChat CEO Ankush Sachdeva mentioned.
The ShareChat app has 160 million customers in India and Moj has 120 million. Moj and different comparable TikTok alternate options have been discovering favour with customers in India, the place smartphone use has been quickly surging.
ShareChat has plans to lift extra funds from traders within the coming months, a supply aware of its plans mentioned.
The firm declined to touch upon future funding plans.
ShareChat’s valuation makes it India’s newest “unicorn”, which describes tech startups valued at greater than $1 billion (roughly Rs. 7,420 crores).
Including the most recent funding, ShareChat has now raised $766 million (roughly Rs. 5,690 crores) over six funding rounds.
© Thomson Reuters 2021
What is one of the best cellphone below Rs. 15,000 in India proper now? We mentioned this on Orbital, the Gadgets 360 podcast. Later (beginning at 27:54), we converse to OK Computer creators Neil Pagedar and Pooja Shetty. Orbital is out there on Apple Podcasts, Google Podcasts, Spotify, and wherever you get your podcasts.