ShareChat permits customers to submit content material in 15 Indian languages.
Content-sharing platform ShareChat has raised $145 million in recent funding from Singapore’s Temasek Holdings and two different buyers, giving it a valuation of $2.88 billion, the corporate informed Reuters on Tuesday.
The funding alerts rising fascination for content-sharing and short-video apps which have turn into well-liked ever since New Delhi final 12 months banned ByteDance’s TikTok and another Chinese apps following an India-China border conflict.
ShareChat permits customers to submit content material in 15 Indian languages. After TikTok was banned, the Indian agency additionally launched an identical short-video sharing app named Moj which has since turn into well-liked and clocked hundreds of thousands of downloads.
The newest funding spherical was led by Temasek and Moore Strategic Ventures, with participation from a fund collectively arrange by Mirae Asset and South Korean net portal Naver Corp, ShareChat stated in its assertion. Reuters is first to report the fund increase.
The newest investments come round 4 months after ShareChat raised $502 million from Tiger Global, Snap Inc, Twitter and a few others, which on the time valued it at simply over $2.1 billion.
“Investments raised this year including this additional capital infusion will help the company double down (on) its strategic priorities,” ShareChat stated.
The firm will proceed to put money into artificial-intelligence capabilities of video app Moj and improve its in-app modifying instruments, stated CEO Ankush Sachdeva.
ShareChat has 180 million energetic customers. Moj has 160 million customers and counts Facebook’s Instagram Reels as its prime rival.
India’s digital startups ecosystem is turning into a darling of buyers.
China’s Ant Group-backed meals supply agency Zomato had a stellar debut on bourses final week, valuing the agency at $13 billion, whereas others together with SoftBank-backed ride-hailing agency Ola are additionally eyeing IPOs.
ShareChat has no fast IPO plans and the corporate for now will concentrate on increasing its present enterprise and choices, a supply aware of the technique stated.
