ShareChat raises funding led by Temasek, Moore Strategic in Series F funding round
On Tuesday, Mohalla Tech Pvt, which owns and runs ShareCHAT and Moj’s short video platform, stated that as part of its Series F investment round, spearheaded by Temasek and Moore Strategic Ventures, it secured an additional $145 million.
Mohalla will be able to use the new cash to fire up the increasingly shared Indian content and short video app markets, which were shot when the government banned the popular TikTok and other Chinese apps last year. The new financing is already available.
The Fund’s participation in the Funding Round was Mirae-Naver Asia Growth Fund, ShareChat stated in a statement.
The most recent funds have been raised at $2.88 billion.
It’s only four months from the achievement of ShareChat unicorn status, which is an estimate of at least 1 billion dollars. Then it raised $502 million with an appreciation of just over €2.1 billion by Tiger Global, Snap Inc., and some existing investors, such Twitter Inc.
ShareChat, created in the year 2015, has funded $911 million thus far by Farid Ahsan, Ankush Sachdeva, and Bhanu Pratap Singch. In the first years, the business entailed substantial marketing costs to win market shares and to employ more people. For the financial year 2019-2020, it clocked a turnover of Rs 9.38 crore. Total revenue increased to Rs 38.12 in 2019-20 compared to the previous year’s Rs 25,63 crore. During the time, Rs 676 crore saw an increase of 21.7% in losses.
Following the prohibition of ByteDance-backed popular short video app TikTok in India in June last year, the company has been focusing on developing Moj as a platform.
Moj has a user base of 160 million people and a creative base of more than 50 million. ShareChat has a user base of 180 million people and a creator base of more than 32 million.
Mohalla Tech is up against VerSe Innovation, the parent company of short video apps Josh and Dailyhunt, and InMobi subsidiary Glance in the short video sector.
Acquisitions have also been made by ShareChat. It also bought Memer, a meme-sharing network, Circle Internet, HPF Films, a video production company, and Elanic, a social commerce platform.
