Sharechat raises $255 Mn, closes sequence H spherical at $5 Bn valuation

Indian vernacular social media platform ShareChat has roped in funding price $255 Mn from Google, Instances group and present backers like Temasek to carry curtains to their multi-tranched sequence H funding spherical.

The corporate had earlier raised $266 million as part of this spherical from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotien in December final yr. On the finish of this spherical, the corporate is now valued at $5 Billion.

For the reason that first a part of this spherical, Mohalla Tech, ShareChat’s guardian firm, has acquired MX Takatak within the type of a merger with its personal quick video platform Moj. Throughout these three platforms, Mohalla Tech now boasts of a userbase of 400 Million.

Ankush Sachdeva, Founder and CEO, Mohalla Tech, stated “We’re excited to announce the closing of our funding spherical and including Google and the Instances Group to our cap desk. We’re additionally completely happy and grateful to see Temasek reaffirming its religion in us for the third time in a yr. Regardless of sturdy headwinds, it’s reassuring to see investor confidence in ShareChat’s efforts and potential to develop additional.”

Including the proceeds from this spherical, ShareChat has raised a complete $1.2 Bn because the yr 2021. ShareChat competes with VerSe Innovation’s Josh App, each of which stepped as much as fill the void within the quick video app sphere, left by the ban of ByteDance’s TikTok by the Central Authorities of India.

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