With this infusion of capital, we would continue to aggressively grow our user base, build a world-class org in India & US and further strengthen our creator community, AI-powered recommendation engine, and platform health
Mohalla Tech, the parent company behind India’s leading short video app Moj and Indic language social media platform ShareChat has become the latest entrant to the Unicorn Club. The company has raised US$502 million in its latest round. With the new rounds of investment, the valuation stands a little over US$2.1 billion. The investment has been led by Lightspeed Ventures and Tiger Global, along with participation from Snap Inc, Twitter, and India Quotient amongst others.
Commenting on the financing round, Ankush Sachdeva, CEO & Co-founder, ShareChat said “We are at an exciting inflection point in our journey, where we are going after a massive opportunity with the right team in place and the backing of long-term investors who have a deep conviction in our mission. With ShareChat & Moj, we are well-positioned to build the largest AI-powered content ecosystem in India.”
Talking about the growth and the investment plan, he further added, “With this infusion of capital we would continue to aggressively grow our user base, build a world-class org in India & US and further strengthen our creator community, AI-powered recommendation engine, and platform health.”
Founded in 2015, Mohalla Tech has now successfully raised over US$766 million across 6 fundraising rounds, enabling ShareChat to substantially grow and differentiate itself by delivering a unique, tech-led social media experience. Furthermore, Moj, which launched in July 2020, has already made huge strides towards leadership in the short video space. Moj and ShareChat together, with a 280 million-strong user community, envision building a cohesive AI-powered content ecosystem to address India’s growing digital needs.
Source: Business World