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ShareChat raises $ 502 million from Snap, Twitter and more

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Content-sharing platform ShareChat said it raised $ 502 million (approximately $ 3,720) in new funding from Tiger Global, Snap and some existing investors such as Twitter, valuing it at more than $ 2 billion (approximately $ 14,840).

The financing was managed by the American venture capital firm Lightspeed Venture Partners and the American investment firm Tiger, ShareChat said c declaration in Thursday.

Tiger Global and Snap, owner of a popular photo messaging app Snapchat, are new investors in the Indian platform.

Funding signals growing investor interest in Indian social media apps seeking to take advantage of delayed demand after New Delhi banned dozens of Chinese apps, including ByteDance TikTok, after the Indo-Chinese border clash last year.

Mine and other similar alternatives to the popular video app TikTok are finding favor among consumers in India, where smartphone use is growing rapidly.

ShareChat is currently valued at just over $ 2.1 billion (approximately 15,590 kroner), he added, adding that new funds will be used to redouble technology initiatives and support consumer growth.

“With this capital injection, we will continue to aggressively expand our customer base,” said ShareChat CEO Ankush Sachdeva.

ShareChat has 160 million users in India and Moj has 120 million. Moj and other similar alternatives to TikTok are gaining favor among consumers in India, where smartphone use is growing rapidly.

ShareChat plans to raise more funds from investors in the coming months, said a source familiar with its plans.

The company declined to comment on future funding plans.

ShareChat’s valuation makes it the newest “unicorn” in India, describing technology startups worth more than $ 1 billion (approximately 7,420 crores).

Including the latest funding, ShareChat has now raised $ 766 million (approximately 5,690 kroner) for six rounds of funding.

© Thomson Reuters 2021


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