Times Internet infuses in Social Media Unicorn: ShareChat worth $60 Mn
- ByStartupStory | March 21, 2022
Times Internet added by Indigenous social media platform ShareChat to its captable. From the Gurugram-based Indian internet giant, ShareChat is raising around $60.5 Mn .
The social media unicorn has allotted 4,157 equity shares to Times Internet and its subsidiary for $60.5 Mn (INR 461.3 Cr), according to a regulatory filing. This is an extension of the Series G round that was raised by ShareChat in December last year.
About $266 Mn has been raised by ShareChat in its Series G round from Alkeon Capital, Moore Strategic Investments, among others at a valuation of $3.7 Bn. The fresh capital of about $60.5 Mn was also raised at the same valuation.
Announcing its merger with Times Internet-backed MX TakaTak, a short video platform, it must be noted that the development comes on the heels of ShareChat’s Moj.
The combined platform is expected to have 300 Mn monthly active users, 100 Mn creators, and nearly 250 Bn video views. MX TakaTak as part of the deal, continues to function as a separate platform for now, but the two platforms’ content supply, creator base, and recommendation algorithms will be integrated in the combined platform.
However, sources informed that the capital infusion by Times Internet is not related to the merger. The person said that ShareChat being the second largest player after Instagram in India, and Times Internet is ‘bullish’ on the short video platforms, was a perfect choice for Times Internet to bet on.
Post this investment, Times Internet will hold around 4% in the parent company of both ShareChat and Moj, Mohalla Tech Private Limited.
ShareChat counts investors such as social media giants – Snapchat & Twitter, Moore Strategic Ventures, Harbourvest, Lightspeed Venture, Temasek, Tiger Global, among others, as its investors.
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