Indian content-sharing platform ShareChat has raised $145 million (roughly Rs. 1,078 crores) in recent funding from Singapore’s Temasek Holdings and two different buyers, giving it a valuation of $2.88 billion (roughly Rs. 21,418 crores), the corporate informed Reuters on Tuesday.
The funding indicators rising fascination for Indian content-sharing and short-video apps which have develop into common ever since New Delhi final 12 months banned ByteDance’s TikTok and another Chinese language 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 the same short-video sharing app named Moj which has since develop into common and clocked thousands and 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 internet portal Naver Corp, ShareChat stated in its assertion. Reuters is first to report the fund elevate.
The newest investments come round 4 months after ShareChat raised $502 million (roughly Rs. 3,733 crores) from Tiger World, Snap, Twitter and a few others, which on the time valued it at simply over $2.1 billion (roughly Rs. 15,617 crores).
“Investments raised this 12 months together with this extra capital infusion will assist the corporate double down (on) its strategic priorities,” ShareChat stated.
The corporate 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 lively customers. Moj has 160 million customers and counts Fb’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 Indian bourses final week, valuing the agency at $13 billion (roughly Rs. 96,683 crores), whereas others together with SoftBank-backed ride-hailing agency Ola are additionally eyeing IPOs.
ShareChat has no quick IPO plans and the corporate for now will deal with increasing its present enterprise and choices, a supply acquainted with the technique stated.
© Thomson Reuters 2021