ShareChat stated on Thursday it has raised a brand new financing spherical that values it at over $2 billion, becoming a member of 4 different native startups in attaining the unicorn standing this week.
The Indian social community stated it has raised $502 million in a brand new financing spherical — Series E — led by Tiger Global that valued ShareChat at $2.1 billion, up from about $650 million final yr. Snap and current traders Twitter and Lightspeed Venture Partners additionally participated in the spherical, stated ShareChat, which has raised about $765 million to this point.
The startup started partaking with traders for the brand new financing spherical about 10 months in the past, and explored a full purchase out take care of Twitter, which didn’t materialize, TechCrunch reported earlier.
ShareChat, which claims to have over 160 million customers, provides its social community app in 15 Indian languages and has a big following in small Indian cities and cities, or what enterprise capitalist Sajith Pai of Blume Ventures refer as “India 2.” Very few gamers in the Indian startup ecosystem have a attain to this section of this inhabitants, which because of customers from even smaller cities and villages — referred to as “India 3” — getting on-line has expanded in latest years.
Last yr, the Bangalore-based startup launched Moj, a short-form video app that it says has already amassed over 80 million month-to-month energetic customers to fill the void left after New Delhi banned TikTok, which counted India as its largest worldwide market previous to being blocked. Snap inked a take care of ShareChat to combine its Camera Kit into the Indian short-video app earlier this yr. (Thursday’s deal is Snap’s first funding in an Indian startup.)
Moj competes with a handful of gamers together with Times Internet’s MX TakaTak, which at present leads the market with over 100 million month-to-month energetic customers, and Glance’s Roposo and DailyHunt’s Josh — each of which acquired funding from Google late final yr.
In latest years, ShareChat has began to experiment with monetization. On its app, as an illustration, ShareChat permits commerce platforms to work together with clients through its audio chat rooms.
This is a growing story. More to comply with…