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ShareChat raises $502 million from Twitter, Snap, and Tiger Global

ShareChat raises $502 million from Twitter, Snap, and Tiger Global
ShareChat raises $502 million from Twitter, Snap, and Tiger Global

ShareChat, the leading content-sharing platform has reportedly announced that it raised approximately $502 million in fresh funding from Snap Inc, Tiger Global as well as other existing investors including Twitter Inc, valuing the company at roughly around $2 billion.

In an official statement, Sharechat stated that this funding was led by Tiger, an American investment firm and Lightspeed Venture Partners, a U.S.-based venture capital firm. Tiger Global as well as Snap, owner of a well-known photo-messaging app Snapchat, are now novel investors in the Indian platform.

The funding indicates the rising interest of investors in Indian social media apps who want to tap into rising demand after New Delhi prohibited a number of Chinese apps, along with ByteDance’s TikTok, after an India-China border dispute in 2020.

Moj as well as other related alternatives of the famous video app TikTok have been finding support with Indian users, where the use of smartphone has been rapidly increasing.

ShareChat stated that now that the firm is valued at little above $2.1 billion, the new funds would be used to support customer growth and double down on technology initiatives.

Ankush Sachdeva, CEO, ShareChat, stated that with this capital infusion, the firm would continue to grow its consumer base.

The content-sharing app has around 160 million users across India, while Moj app has 120 million users.

The social media platform further plans to raise even more funds from investors in the upcoming months, as per a reliable source. However, the firm declined to comment on the upcoming funding-related plans.

The valuation of social media platform ShareChat makes it India’s newest unicorn, which depicts leading tech startups valued at around $1 billion. Additionally, including the newest funding, the company has now raised worth $766 million across six fund-raising rounds.

Source credit: https://www.reuters.com/article/us-india-sharechat/indias-sharechat-raises-502-million-from-snap-twitter-others-valuation-tops-2-billion-idUSKBN2BV0FN?il=0

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Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.