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The funding might be used for product growth and bringing extra creators on to Moj, the corporate’s brief video app
With this spherical of funding, ShareChat’s whole funding stands at $264 Mn
ShareChat claims to have greater than 160 Mn month-to-month lively customers (MAUs)
Bengaluru-based Indian regional language social platform ShareChat, on Thursday (September 24), has introduced a $40 Mn funding spherical from traders together with Twitter Inc and Lightspeed Ventures in its Pre Collection E spherical. The spherical additionally noticed participation from SAIF Companions and India Quotient.
The corporate’s press assertion stated the funding might be used to develop Moj, Sharechat’s new brief video app. It’ll even be utilised for product growth, bringing extra creators on to the app and establishing partnerships with music labels to permit customers so as to add extra tracks.
With this spherical of funding, ShareChat’s whole funding now stands at $264 Mn. In August 2019, the corporate raised $100 Mn in a Collection D spherical led by Twitter. Present traders Shunwei Capital, Lightspeed Enterprise Companions, SAIF Capital, India Quotient and Morningside Enterprise Capital had additionally participated within the spherical.
In addition to VCs, Hero MotoCorp CEO and Chairman Pawan Munjal has invested in ShareChat in his private capability via his Household Belief, whereas Ajay Shridhar Shriram (Chairman of DCM Shriram) has invested via DCM Shriram Promoters Household Workplace, the discharge added.
Commenting on the brand new funding, Ankush Sachdeva, CEO & co-founder, ShareChat stated, “ShareChat is on a rapid growth path and is spearheading the growth of the Indic language Indian social media landscape. Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest in our product development, ML capabilities, and helping the creator community.”
ShareChat claims to have greater than 160 Mn month-to-month lively customers (MAUs). Whereas Moj has garnered over 80 Mn MAUs with customers spending on a mean about 34 minutes on the platform.
Based by IIT-Kanpur alumni Farid Ahsan, Bhanu Singh and Ankush Sachdeva in 2015, Sharechat is a regional language-focussed social media platform that closely depends on user-generated content material. It has options like nameless chat, direct messaging, authentic video content material beneath the banner of ShareChat Talkies.
ShareChat launched a competitor of TikTok referred to as Moj on July 2 which has recorded greater than 50Okay downloads after the TikTok ban in INdia. It’s out there in 15 languages, together with Hindi, Marathi, Bengali, Gujarati, Punjabi, Odia, Tamil, Telugu, Haryanvi, Rajasthani, and Urdu amongst others.
The app focuses on brief video content material round dance, comedy, vlogging, meals, sports activities, DIY and nature. After the TikTok ban, ShareChat claimed to have achieved a progress charge of 500,000 new customers per hour. It’s out there in 14 regional languages and has its base in Tier 2 and Tier three cities. The app at present has greater than 100 Mn downloads on the Google Play Retailer, and is ranked fourth on the ‘top free’ apps chart on the Play Retailer.
In addition to Moj, apps equivalent to Chingari Roposo, Mitron, Bolo Indya, MX Takatak, Gaana Pictures, Zee HiPi, Trell, and several other others reported a steep rise in customers and engagement after greater than 200 Chinese language apps together with TikTok and Helo had been banned in India.
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