In its most recent investment round, social network ShareChat was valued at close to $3 billion.
ShareChat, an Indian social media platform, said on July 27 that its parent company had received $145 million in a round sponsored by Temasek, valuing it at $2.88 billion, up from $2 billion in April.
Mohalla Tech, which owns ShareChat and the short video app Moj, has received funding from Koren asset management Mirae and Moore Strategic Ventures, allowing the firm to more than quadruple its growth and fundraising during its most aggressive time.
Temasek was undertaking due diligence for investment in ShareChat, according to Moneycontrol.
After Chinese social media applications like TikTok were banned by India last year, ShareChat has garnered almost $650 million in the last quarter alone. It raised $500 million in April, with Tiger, Snapchat, and Twitter leading the charge.
The funds will be used to employ senior technological expertise, create a best-in-class AI feed, attract and incentivize a diverse creative base, and improve platform health and safety.
“We are incredibly pleased with what we have been able to achieve with Moj and ShareChat in the last 12 months…with a monthly active user base of 160 million and a 50+ million strong creative community, Moj has evolved into India’s number one short-form video platform in a year.
ShareChat, founded in 2015 by three IIT Kanpur grads Sachdeva, Farid Ahsan, and Bhanu Singh, was one of the first players in India’s regional language content and social media market, which has now grown to dozens of more participants. MX Player’s TakaTak, Chingari, Mitron TV, and Dailyhunt Josh are among the newcomers who debuted alongside Moj.
“We are delighted to work with Moj as they create India’s leading short-form video platform, and have been impressed by this management team’s speed and agility in grasping the opportunity,” said James McIntyre, Senior Managing Director, and COO at MSV. Moj and ShareChat will be able to continue growing as a result of this round.