After receiving $520 million in a multi-tranche investment round, Mohalla Tech, the parent company of India’s social media unicorn ShareChat, has reached a valuation of $5 billion.
ShareChat received a total of $255 million in funding from Google, India’s Times Group, and Singapore-based investor Temasek in the last tranche of the investment.
ShareChat received $266 million in the first phase of the financing, which took place in December 2021, from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient.
In 2021, ShareChat became a unicorn, receiving a total of $913 million in investment – the most of any company that become a unicorn in the previous year. The upcoming year, according to Ankush Sachdeva, the company’s co-founder and CEO, will be about scaling and developing solid revenue models.
In February, Mohalla Tech, which also owns the short video app Moj, paid an unknown amount for rival MX TakaTak. The cash and equity sale is thought to be worth roughly $700 million, according to sources.
ShareChat currently controls India’s largest short-video ecosystem, with over 400 million users. It has centered its efforts on monetizing its numerous channels, branching out beyond advertising into areas such as virtual gifts and video shopping.