Content material-sharing platform ShareChat stated it has raised $502 million in recent funding from Tiger World, Snap Inc and a few present buyers akin to Twitter Inc, valuing it at greater than $2 billion.
The funding was led by US enterprise capital agency Lightspeed Enterprise Companions and American funding agency Tiger, ShareChat stated in an announcement on Thursday.
Tiger World and Snap, proprietor of well-liked photo-messaging app Snapchat, are new buyers within the Indian platform.
The funding indicators rising investor curiosity in Indian social media apps that wish to faucet into pent-up demand after New Delhi banned dozens of Chinese language apps, together with ByteDance’s TikTok, following an India-China border conflict final 12 months.
Moj and different related alternate options of the favored video app TikTok have been discovering favour with customers in India, the place smartphone use has been quickly surging.
ShareChat is now valued at little greater than $2.1 billion, it stated, including that new funds can be used to double down on know-how initiatives and help person progress.
“With this infusion of capital we might proceed to aggressively develop our person base,” ShareChat CEO Ankush Sachdeva stated.
The ShareChat app has 160 million customers in India and Moj has 120 million. Moj and different related TikTok alternate options have been discovering favour with customers in India, the place smartphone use has been quickly surging.
ShareChat has plans to boost extra funds from buyers within the coming months, a supply acquainted with its plans stated.
The corporate declined to touch upon future funding plans.
ShareChat’s valuation makes it India’s newest “unicorn”, which describes tech startups valued at greater than $1 billion.
Together with the newest funding, ShareChat has now raised $766 million over six funding rounds.