Published On: Thu, Apr 8th, 2021

ShareChat valued during $2.1 billion in $502 million fundraise

ShareChat pronounced on Thursday it has lifted a new financing turn that values it during over $2 billion, fasten 4 other internal startups in attaining a unicorn standing this week.

The Indian amicable network pronounced it has lifted $502 million in a new financing turn — Series E — led by Tiger Global that valued ShareChat during $2.1 billion, adult from about $650 million final year. Snap and existent investors Twitter and Lightspeed Venture Partners also participated in a round, pronounced ShareChat, that has lifted about $765 million to date.

The six-year-old startup began enchanting with investors for new supports about 10 months ago, and explored a full buy out understanding with Twitter, that didn’t materialize, TechCrunch reported earlier.

ShareChat, that claims to have over 160 million users, offers a amicable network app in 15 Indian languages and has a vast following in tiny Indian cities and towns, or what try entrepreneur Sajith Pai of Blume Ventures impute as “India 2.” Very few players in a Indian startup ecosystem have a strech to this shred of this population, that interjection to users from even smaller towns and villages — called “India 3” — removing online has stretched in new years.

Last year, a Bangalore-based startup launched Moj — a short-form video app that it says has already amassed over 80 million monthly active users — to fill a blank left after New Delhi criminialized TikTok, that counted India as a biggest general marketplace before to being blocked. Snap inked a understanding with ShareChat to confederate a Camera Kit into a Indian short-video app progressing this year. (Thursday’s understanding is Snap’s initial investment in an Indian startup.)

Moj competes with a handful of players including Times Internet’s MX TakaTak, that now leads a marketplace with over 100 million monthly active users, and Glance’s Roposo and DailyHunt’s Josh — both of that perceived appropriation from Google late final year. The hunt hulk was also in talks to deposit in ShareChat late final year, TechCrunch reported earlier.

ShareChat’s active users (ShareChat)

“When we saw a vast opening emerge on Jun 29 with a lot of short-video apps exiting a marketplace — we knew this event was for us. There were millions of short-video creators already lerned for formulating that calm supply. The genuine diversion was therefore going to be on building a many applicable feed for a user and we were a usually Indian association that had built a world-class feed recommendation complement for short-form content,” wrote Ankush Sachdeva, co-founder and arch executive of ShareChat in a blog post. “We built a app in 30 hours. Scaled it to 120mn MAUs in 9 months.”

ShareChat, that began a life on Facebook and WhatsApp groups, has started to examination with monetization in new years. On a app, for instance, ShareChat allows commerce platforms to correlate with business around a audio discuss rooms. It also sensitively launched a anticipation sports app called Jeet early final year, as reported initial by TechCrunch.

“We are during a poignant rhythm indicate in a company’s tour — as a internet invasion serve deepens in India we are well-positioned to enhance a ecosystem of products to 1 Billion+ MAUs cumulatively. We have seen how vast a short-video marketplace is in China — with around 80% of a whole Internet race regulating one of a short-video products(Douyin, Kuaishou etc) daily,” wrote Sachdeva.

ShareChat is a ninth Indian startup to turn a unicorn this year — and fifth this week. Social commerce Meesho incited a unicorn on Monday, fintech organisation CRED on Tuesday and e-pharmacy organisation PharmEasy and Groww on Thursday.

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