Indian vernacular social media platform ShareChat has roped in investment worth $255 Mn from Google, Times group and existing backers like Temasek to bring curtains to their multi-tranched series H funding round.
The company had earlier raised $266 million as a part of this round from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotien in December last year. At the end of this round, the company is now valued at $5 Billion.
Since the first part of this round, Mohalla Tech, ShareChat’s parent company, has acquired MX Takatak in the form of a merger with its own short video platform Moj. Across these three platforms, Mohalla Tech now boasts of a userbase of 400 Million.
Ankush Sachdeva, Founder and CEO, Mohalla Tech, said “We are excited to announce the closing of our funding round and adding Google and the Times Group to our cap table. We are also happy and grateful to see Temasek reaffirming its faith in us for the third time in a year. Despite strong headwinds, it is reassuring to see investor confidence in ShareChat’s efforts and potential to grow further.”
Adding the proceeds from this round, ShareChat has raised a total $1.2 Bn since the year 2021. ShareChat competes with VerSe Innovation’s Josh App, both of which stepped up to fill the void in the short video app sphere, left by the ban of ByteDance’s TikTok by the Central Government of India.