Social networking platform ShareChat’s mother or father firm Mohalla Tech has raised USD 300 million in a funding spherical led by Google, Instances Group and Singapore’s Temasek Holdings, as per a Reuters report. This takes Mohalla Tech’s whole valuation to USD 5 billion. The official announcement of the deal will occur someday this week. That is Google’s second main funding in India’s quick video house – the corporate had beforehand additionally backed Josh.
In a Sequence G spherical held in December 2021, ShareChat was in a position to clinch an funding of USD 266 million from Alkeon Capital and Temasek and was valued at USD 3.7 billion. Reportedly, Twitter and Snap are additionally amongst its buyers.
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ShareChat turned a Unicorn in April 2021 when it raised USD 502 million in a Sequence E spherical led by US hedge fund Tiger International and Lightspeed Ventures at a USD 2.1 billion valuation.
ShareChat has 180 million month-to-month energetic customers. Mohalla Tech’s different subsidiary video sharing platform Moj, together with the just lately acquired MX TakaTak, has a mixed person base of 300 million. The recognition of those quick video apps has shot up in India, particularly after the 2020 ban of Bytedance’s TikTok and different widespread Chinese language apps.
