NEW DELHI: Homegrown social media apps, Sharechat and Moj, are the most recent entrants to the unicorn membership. Mohalla Tech, the corporate behind these apps, has raised $502 million in its newest funding spherical, led by enterprise companies Lightspeed Ventures and Tiger Global. American social media firms, Twitter and Snap Inc, additionally participated within the spherical.
Ankush Sachdeva, chief government officer and co-founder of ShareChat, stated the recent funds might be used to develop the corporate’s person base, strengthen the creator group on its apps, and enhance the corporate’s synthetic intelligence (AI) powered suggestion engines.
Also Read | How India’s banking model has changed
“As Internet penetration will increase, ShareChat’s main content material creation platform is poised to increase dramatically by bridging into on-line purchases of products and companies. Additionally, Moj is well-positioned to grab the chance introduced by the expansion of brief video in India,” stated Ravi Mhatre, Partner at Lightspeed Ventures.
Founded in 2016, the social media firm has raised over $766 million over six funding rounds to this point. The new spherical has pushed Sharechat’s valuation to over $2.1 billion. The firm says it has 280 million customers between the 2 platforms — Sharechat and Moj.
While Sharechat has been round since 2016, its brief video platform, Moj, is lower than a yr previous. Moj was launched lower than two days after the Indian authorities banned Chinese brief video platform TikTok from working in India final yr. Since then, Moj has turn into amongst the extra common brief video platforms in India together with ad-tech firm InMobi’s Roposo, information startup DailyHunt’s Josh and Times Internet-owned MX Taka Tak. The firm had claimed it had over 80 million month-to-month energetic customers (MAUs) in February this yr. The firm claimed that Sharechat has over 160 million MAUs in the meanwhile.