Technology

ShareChat Raises $502 Million From Snap, Twitter, Others; Valuation Tops $2 Billion

 ShareChat content-sharing platform mentioned it has raised $502 million (roughly Rs. 3,720 crores) in contemporary funding from Tiger Global, Snap, and a few present traders akin to Twitter, valuing it at greater than $2 billion (roughly Rs. 14,840 crores).

The funding was led by US enterprise capital agency Lightspeed Venture Partners and American funding agency Tiger, ShareChat mentioned in a statement on Thursday.

Tiger Global and Snap, proprietor of common photo-messaging app Snapchat, are new traders within the Indian platform.

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.

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