Google backs ShareChat in $300 million funding round at $5 billion valuation
- ByStartupStory | May 30, 2022
Google’s investment in the declining market of Indian start-ups shows the start-up’s willingness to the short video sector and investment papers, one source said. Indian tech startups are set to raise a record $ 35 billion in 2021, and social media companies are worth nearly $ 5 billion, two sources involved in the deal told Reuters.
The deal will be announced as early as next week, sources added. ShareChat’s parent company, Mohalla Tech, did not respond to requests for comment. Google and Temasek did not immediately respond to the request for comment, but Reuters was unable to contact the Times Group immediately.
This is Google’s second major investment in India’s short video space, which previously helped Josh, which competes with ShareChat’s sister company Moj.
Google’s investment in the declining Indian startup market shows startups’ willingness to invest in the short video sector and investment papers, one source said. Indian tech startups raised a record $ 35 billion in 2021.
Short video apps such as Moj and Josh have skyrocketed in popularity after India banned ByteDance’s TikTok and other Chinese apps in 2020 following a border dispute with China. ShareChat currently has 180 million monthly active users. According to one source, Moj and Mohalla recently acquired MX TakaTak with a total user base of 300 million.
ShareChat was recently valued at $ 3.7 billion in a $ 266 million funding round from investors such as Alkeon Capital and Temasek.
Follow Startup Story
Related Posts
