ShareChat’s latest funding round gives the seven-year-old company a $5 billion valuation.
Mohalla Tech, the Bangalore-based parent of ShareChat, has raised nearly $300 million from Google, Indian media conglomerate Times Group and the Singapore government’s Temasek Holdings, according to a report from Reuters.
The newest funding round values the social media unicorn at nearly $5 billion. The deal is set to be announced as early as next week.
ShareChat’s app, which is available in 15 languages, has 180 million monthly active users, and more than 32 million creators, according to their website.
Alongside ShareChat, Mohalla Tech also develops a video platform called Moj. Bearing resemblance to Tik Tok, which has been banned in India for almost two years, Moj allows users to create videos from 15 seconds to one minute long.
Founded in 2015 by three Indian Institute of Technology graduates—Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan—the company is also backed by Snapchat, Tiger Global and Twitter.
The parent company’s last funding round was in December last year in which it raised $266 million as part of its Series G round, led by New York investment firm Alkeon Capital with participation from new and recurring investors including Temasek, Moore Strategic Ventures, Harbourvest and India Quotient.
Source: https://www.forbes.com/sites/simranvaswani/2022/05/31/google-temasek-back-indias-sharechat-with-300-million-at-5-billion-valuation/