ShareChat raises $502 million at a valuation of $2.1 bn from Twitter, Snap, Tiger Global, Telecom News, ET Telecom

ShareChat raises $502 million at a valuation of $2.1 bn from Twitter, Snap, Tiger GlobalNEW DELHI: Homegrown social media platform ShareChat has raised $502 million at a valuation of $2.1 billion from Tiger Global, Lightspeed, Twitter, and different traders to construct India’s largest AI-powered content material ecosystem, cofounder & CEO Ankush Sachdeva mentioned in a weblog submit on Thursday.

“Excited to share that we have raised $502mn at $2.1bn valuation from Tiger Global, Lightspeed, Snap, Twitter, and others This capital will help us accelerate our journey of building India’s largest AI-powered content ecosystem,” Sachdeva confirmed the event in a tweet.

Notably, Tiger Global and Snap, the father or mother firm of on the spot picture sharing and messaging app Snapchat, are new traders within the homegrown platform.

With this newest funding spherical, ShareChat joins the rising listing of Indian ‘unicorn’ startups, used to refer startups which might be valued at over $2 billion.

According to media stories, ShareChat has now raised $766 million over six funding rounds, together with the most recent spherical led by the US-based enterprise capital Lightspeed.

The social media platform, which has seen its month-to-month lively customers skyrocket to 160 million, is obtainable in 15 regional languages together with Tamil, Malayalam, Bengali, Assamese, and so forth. It additionally launched a short-video platform Moj following the ban imposed by the federal government on Chinese apps akin to TikTok, Helo, amongst others. The platform’s month-to-month lively customers have soared to 120 million in simply 9 months of its launch.

“We are at a significant inflection point in our company’s journey — as the internet penetration further deepens in India we are well-positioned to expand our ecosystem of products to 1 Billion+ MAUs cumulatively,” Sachdeva added, outlining future prospects.

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