ShareChat parent in talks to raise $500 million at $5 billion valuation
According to insiders, the parent firm of social media network Share Chat, which also controls short-video platform Moj, is financing $500 million and will be valued north of $5 billion.New and existing investors will lead the round, while CNBC-TV18 could not confirm the names of the next investors. Temasek, Snap Inc, Tiger Global, Moore Strategic Ventures, and Twitter are among Sharechat’s existing investors.According to two people familiar with the situation, Sharechat’s valuation is projected to exceed $5 billion following the fundraising. In July, Sharechat was valued at $2.8 billion, up $145 million from the previous month.
When it was valued at $2.1 billion in April, the company became a unicorn. According to sources, the corporation is also in talks with Times Internet to buy competitor MX Takatak.
Moj, a Sharechat app, has acquired a lot of interest since its inception in June of last year, which coincided with a crackdown on TikTok, a Chinese short video platform. Apart from Chingari and a few other players, it competes with Josh from Dailyhunt and Roposo from Inmobi.According to two people familiar with the conversation, Mohalla Tech, which operates the social networking platforms Moj and ShareChat, is in early talks to raise $500 million to $600 million as part of a new fundraise.
According to two people familiar with the conversation, Mohalla Tech, which operates the social networking platforms Moj and ShareChat, is in early talks to raise $500 million to $600 million as part of a new fundraise.
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