ShareChat content-sharing platform stated it has raised $502 million (more or less Rs. 3,720 crores) in contemporary investment from Tiger Global, Snap, and a few present buyers comparable to Twitter, valuing it at greater than $2 billion (more or less Rs. 14,840 crores).
The investment alerts rising investor pastime in Indian social media apps that want to faucet into pent-up call for after New Delhi banned dozens of Chinese apps, together with ByteDance’s TikTok, following an India-China border conflict closing 12 months.
Moj and different equivalent choices of the preferred video app TikTok had been discovering favour with customers in India, the place smartphone use has been abruptly surging.
ShareChat is now valued at little greater than $2.1 billion (more or less Rs. 15,590 crores), it stated, including that new budget will probably be used to double down on era projects and fortify consumer enlargement.
“With this infusion of capital we might proceed to aggressively develop our consumer base,” ShareChat CEO Ankush Sachdeva stated.
The ShareChat app has 160 million customers in India and Moj has 120 million. Moj and different equivalent TikTok choices had been discovering favour with customers in India, the place smartphone use has been abruptly surging.
ShareChat has plans to boost extra budget from buyers within the coming months, a supply aware of its plans stated.
The corporate declined to touch upon long term investment plans.
ShareChat’s valuation makes it India’s newest “unicorn”, which describes tech startups valued at greater than $1 billion (more or less Rs. 7,420 crores).
Including the newest investment, ShareChat has now raised $766 million (more or less Rs. 5,690 crores) over six investment rounds.
© Thomson Reuters 2021
What is the most productive telephone beneath Rs. 15,000 in India at the moment? We mentioned this on Orbital, the Gadgets 360 podcast. Later (beginning at 27:54), we talk to OK Computer creators Neil Pagedar and Pooja Shetty. Orbital is to be had on Apple Podcasts, Google Podcasts, Spotify, and anyplace you get your podcasts.