ShareChat, a locally based social networking platform, announced that it has concluded a $520 million multi-tranche fundraising round, bringing its total valuation to $5 billion.
The social networking platform received $255 million in capital from Google, Times Group, and current investors, in addition to the $266 million it received from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient in December 2021.
ShareChat has raised $1.2 billion in total and purchased MX TakaTak in 2021. The company, which became a unicorn last year, got $913 million in total funding in 2021, the most of any company that became a unicorn during the year.
ShareChat (Mohalla Tech) is the parent company of India’s leading short video platforms, Moj and TakaTak, as well as the ShareChat app, which serves over 400 million users.
Ankush Sachdeva, CEO, and Co-founder of ShareChat and Moj, said they turned unicorns in over a year. Since then, they have been scaling and innovating at an “exhilarating pace”, further refining the offerings and expanding their operations.
He stated that the following year will be about leveraging scale and developing stable revenue sources.
Over time, the ShareChat app has evolved into India’s largest content ecosystem.
It added ‘Audio Chatrooms’ as a feature in 2020. With 2 billion minutes of audio transmitted each month, it has grown to become one of India’s largest voice-based live hangouts.
When compared to its nearest domestic competitor, Moj has risen to become India’s favorite short video app, with over 3X daily active users and 2X daily time spent per user since its introduction in July 2020.
ShareChat has announced a strategic partnership with MXTakaTak, bringing its short video ecosystem to 300 million monthly active users (MAUs) and 100 million artists.
ShareChat received $266 million in December of last year, driven by Alkeon Capital and existing investors like Temasek Holdings and Moore Strategic Ventures. ShareChat has raised six rounds of finance, both equity and debt, since 2021.