New Delhi: Mohalla Tech, the dad or mum firm of main quick video app Moj and vernacular social media platform ShareChat, on Thursday stated it has raised $502 million (about Rs 3,726 crore) in its Series E funding spherical, taking the valuation to somewhat over $2.1 billion.
The newest funding spherical was led by Lightspeed Ventures and Tiger Global, together with participation from Snap, Twitter and India Quotient and others.
Founded in 2015, Mohalla Tech has efficiently raised over $766 million throughout six fundraising rounds, enabling ShareChat to considerably develop and differentiate itself by delivering a singular, tech-led social media expertise.
Moj, which was launched in July final yr, has made large strides in the direction of management within the quick video area.
Moj and ShareChat collectively have a 280 million-strong consumer neighborhood, in keeping with the corporate.
“With ShareChat and Moj, we are well-positioned to build the largest AI-powered content ecosystem in India,” stated Ankush Sachdeva, CEO and Co-founder, ShareChat.
The firm stated the brand new funds will probably be utilised for doubling down on tech initiatives, supporting consumer development, and enhancing platform security options.
“With this infusion of capital, we would continue to aggressively grow our user base, build a world-class org in India and US and further strengthen our creator community, AI-powered recommendation engine and platform health,” Sachdeva added.
With over 120 million month-to-month energetic customers, Moj has emerged as India’s main quick video vacation spot.
ShareChat can be a number one Indian social media platform, with over 160 million month-to-month energetic customers, that permits customers to share their opinions, file their lives and make new mates.
“Moj is well-positioned to seize the opportunity presented by the growth of short video in India,” stated Scott Shleifer, Partner at Tiger Global.
“ShareChat’s rise to market leadership in India’s social media category has been an accelerating journey involving category creation, world-class team building and product-led growth,” added Dev Khare, Partner, Lightspeed India.
