ShareChat content-sharing platform stated it has raised $502 million (roughly Rs. 3,720 crores) in recent funding from Tiger World, Snap, and a few current buyers akin to Twitter, valuing it at greater than $2 billion (roughly Rs. 14,840 crores).
The funding alerts rising investor curiosity in Indian social media apps that wish to faucet into pent-up demand after New Delhi banned dozens of Chinese language 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 stated, including that new funds will probably be used to double down on know-how initiatives and assist person progress.
“With this infusion of capital we might proceed to aggressively develop our person base,” ShareChat CEO Ankush Sachdeva stated.
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 boost extra funds from buyers within the coming months, a supply accustomed to its plans stated.
The corporate 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).
Together with the newest funding, ShareChat has now raised $766 million (roughly Rs. 5,690 crores) over six funding rounds.
© Thomson Reuters 2021
What’s the greatest telephone beneath Rs. 15,000 in India proper now? We mentioned this on Orbital, the Devices 360 podcast. Later (beginning at 27:54), we communicate to OK Laptop creators Neil Pagedar and Pooja Shetty. Orbital is accessible on Apple Podcasts, Google Podcasts, Spotify, and wherever you get your podcasts.