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ShareChat’s parent secures USD 300 million in Google-backed funding

ShareChat’s parent secures USD 300 million in Google-backed funding
ShareChat’s parent secures USD 300 million in Google-backed funding
  • This is Google’s second investment in India’s short video business space.
  • ShareChat was previously valued at USD 3.7 billion after a USD 266 million funding.

Mohalla Tech, the parent company of ShareChat, has reportedly raised around USD 300 million in funding from tech giant Google, media major Times Group, and the Singapore-based Temasek Holdings. The latest fundraising has now valued the Indian social media platform at USD 5 billion.

It is worth noting that this is Google’s second investment in India’s short video business space, after investing in Josh, which rivals ShareChat’s sister firm Moj. Experts believe that Google’s latest investment in Indian startups amidst a funding crunch demonstrates its appetite for short video space.

For those unaware, Indian tech startups had managed to raise a whopping USD 35 billion in funding last year and have been struggling to secure fresh capital as investors are concerned over corporate governance and new uncertainty in worldwide markets.

Indian short video apps such as Josh and Moj have been gaining significant traction since 2020 after the country banned various Chinese apps following cross-border tensions with China. This largely impacted the renowned short video platform TikTok.

ShareChat has around 180 MAU (monthly active users) while Moj and MX TakaTak have a combined 300 million user base. According to reliable sources, ShareChat was previously valued at USD 3.7 billion after a USD 266 million funding that was spearheaded by Alkeon Capital as well as Temasek.

Even Twitter and Snap are some of the investors of ShareChat. Speaking of Twitter, if Elon Musk’s bid to acquire the social networking platform goes through, the Tesla CEO could potentially own a stake of 6-8% in ShareChat.

Elon Musk recently called on Twitter for having “spam-bot friendly” guidelines, putting the USD 44 billion worth takeover of the social media network on hold indefinitely.

Source Credits –

https://economictimes.indiatimes.com/tech/funding/google-backs-indias-sharechat-in-300-mln-funding-round-at-5-bln-valuation/articleshow/91889251.cms

About the author

Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.