sharechat valuation: ShareChat raises $502 million from Snap, Twitter, others; valuation tops $2 billion

NEW DELHI: Content material-sharing platform ShareChat mentioned it has raised $502 million in recent funding from Tiger International, Snap Inc and a few present traders comparable to Twitter Inc, valuing it at greater than $2 billion.
The funding was led by US enterprise capital agency Lightspeed Enterprise Companions and American funding agency Tiger, ShareChat mentioned in an announcement on Thursday.
Tiger International and Snap, proprietor of well-liked 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 language apps, together with ByteDance’s TikTok, following an India-China border conflict final 12 months.
Moj and different related 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, it mentioned, including that new funds will probably be used to double down on know-how initiatives and help person progress.
“With this infusion of capital we’d proceed to aggressively develop our person base,” ShareChat CEO Ankush Sachdeva mentioned.
The ShareChat app has 160 million customers in India and Moj has 120 million. Moj and different related TikTok 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 acquainted with its plans mentioned.
The corporate declined to touch upon future funding plans.
ShareChat’s valuation makes it the newest “unicorn”, which describes tech startups valued at greater than $1 billion.
Together with the newest funding, ShareChat has now raised $766 million over six funding rounds.

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