ShareChat looking to raise over $500 mn with the valuation of $5 bn
By MYBRANDBOOK
ShareChat is part of Mohalla Tech is looking to raise over $500 million as a part of its ongoing Series G round, which will propel the valuation of the company to over $5 billion.
New international investors are expected to join the round in the coming month. The company said the latest round of funding will help build capabilities in areas such as social and live commerce, growing its artificial intelligence and machine learning (AI/ML) team which now consist of over 100 people spread across the US, Europe and India.
The current fundraise will be used to fuel the acquisition of MXTakaTak, as ShareChat looks to consolidate its play in the short video space. The acquisition deal is expected to be closed in the coming months, post which ShareChat will raise an additional tranche as a part of the ongoing Series G, at over $5 billion valuation.
The company has raised $913 million so far this year and cumulatively raised $1.77 billion in capital over eight funding rounds since inception. Since January, the company said it has grown to over 2,000 employees. With social and live commerce initiatives, the company aims to reach a target of $100 million ‘annualized creator earnings’ by the end of 2023.
“Moj and Sharechat have been growing at an explosive pace. Both our products have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position and help us deliver immersive social experiences to our community,” Ankush Sachdeva, CEO and Co-founder of Moj and Sharechat said.
Sharechat was founded in 2015 by Farid Ahsan, Ankush Sachdeva and Bhanu Pratap Singh. The firm has been focused on growing Moj as a platform after the ban on ByteDance backed popular short video app TikTok in India in June last year.
Moj has a user community of 160 million and a creator community of over 50 million. Sharechat has a user community of 180 million and a creator community of over 32 million, it said. In the short video space, Mohalla Tech competes with VerSe Innovation, the parent company of short video app Josh and Dailyhunt, and InMobi subsidiary Glance.
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