Content Sharing Platform ShareChat Raises $145 Million From Temasek
- ByAyushi Ray | July 27, 2021
Content sharing platform ShareChat raises $145 million from Temasek. His fundraising raised it’s valuation to$2.88 billion. The funding proves how keen Indians have grown over content-sharing and short-video apps. Since ByteDance’s TikTok and some other chinese video apps were banned following an India-China border clash. Traffic has begun to increase in these apps. ShareChat allows users to post content in 15 Indian languages. After TikTok was banned, the Indian firm also launched a similar short-video sharing app named Moj which has since become popular and clocked millions of downloads. The latest funding round was led by Temasek and Moore Strategic Ventures, which also saw participation from a fund jointly set up by Mirae Asset and South Korean web portal Naver Corp, ShareChat said in its statement. Reuters is the first to report the fundraise.
The latest investments come around four months after ShareChat raised $502 million from Tiger Global, Snap, Twitter and some others, which at the time valued it at just more than US$2.1 billion. “Investments raised this year including this additional capital infusion will help the company double down (on) its strategic priorities,” ShareChat said.The company will continue to invest in artificial-intelligence capabilities of video app Moj and enhance its in-app editing tools, said CEO Ankush Sachdeva. ShareChat has 180 million active users. Moj has 160 million users while rivalling with these are Facebook’s Instagram Reels, a short video section.
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