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One of the well-known social media platforms ShareChat has also entered the Unicorn club with a $502 million Series E round led by Tiger Global. There were Snap and other existing investors namely Twitter, and Lightspeed volume Partners, who all participated.
The firm stated it has reached a post-money valuation of $2.1 billion. During the pre-series E round, it is more than a three-fold jump in the company valuation from $630 million, last year in September, the fresh capital will be integrated user’s base.
The new investment and funding made ShareChat the 5th Indian tech-based startup to be valued by investors at a billion dollars this week, and the 9th Unicorn of 2021.
The CEO and co-founder Ankush Sachdeva said via blog post “we are at a significant inflection point in our company’s journey-as the internet penetration further deepens in India we are well-positioned to expand our ecosystem of products to 1 billion+ MAUs cumulatively”.
Currently, the firm claims to have over 160 million users in India whereas its short video application Moj has 120 million active users.
Since the Chinese application Tik Tok was banned by the Indian Government in June, and after that ShareChat launched its short video platform application Moj. The application surpassed 50 million downloads within 45 days of launch. It comes among the top three home-grown video apps which also involve MX TakaTak and another Dailyhunt’s Josh.
Scott Shleifer, partner at Tiger Global in a recent statement- “Moj is well-positioned to seize the opportunity by the growth of short video in India. We are impressed with the team’s understanding of these rapidly evolving technologies and its ability to execute quickly, and we are excited to partner with them as they continue to build a great company”.
The recent funding comes into the parent firm of ShareChat and Moj- Mohalla Tech. The firm has now raised a total of $766 million in funding and investment. Before, there were discussions and talks that Google would also be betting on the social media platform- ShareChat.
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