One of India’s social media platforms ShareChat ended its recent round of funding on a positive note. The company is now only a little short of reaching a $3billion valuation. They have managed to raise $145million in this round of funding. Three months ago, they had managed to raise $502 million and reach a valuation of $2.1billion.
This time, the funding was led by Temasek and Moore Strategic Ventures. As of now, ShareChat has raised over $911 million. The company sees the new investment as a sign of its market leadership and the trust of investors. Ankush Sachdev, co-founder, and chief executive of video app Moj and ShareChat added that they have been fortunate to attract some leading investors in their recent round of funding. The video app Moj was launched by ShareChat soon after TikTok was banned in the county and they have managed to display a growth rate that may one day overcome ShareChat itself. Moj has strong competitors in its area like MX TakaTak, Roposo, and Josh.
ShareChat has more than 160 million users on its platform. It has over 15 Indian languages on its app and is popular in cities and towns alike. The platform has managed to reach every segment of the population and the company claims that very few players in this field have managed to do so.