Content-sharing platform ShareChat mentioned it has raised $502 million in recent funding from Tiger Global, Snap Inc and a few present buyers similar to Twitter Inc, valuing it at greater than $2 billion.
The funding was led by US enterprise capital agency Lightspeed Venture Partners and American funding agency Tiger, ShareChat mentioned in a press release on Thursday.
Tiger Global and Snap, proprietor of common photo-messaging app Snapchat, are new buyers within the Indian platform.
The funding alerts rising investor curiosity in Indian social media apps that wish to faucet into pent-up demand after New Delhi banned dozens of Chinese apps, together with ByteDance’s TikTok, following an India-China border conflict final 12 months.
Moj and different comparable alternate options of the favored video app TikTok have been discovering favour with customers in India, the place smartphone use has been quickly surging.
ShareChat is now valued at little greater than $2.1 billion, it mentioned, including that new funds will probably be used to double down on expertise initiatives and assist consumer development.
“With this infusion of capital we would continue to aggressively grow our user base,” ShareChat CEO Ankush Sachdeva mentioned.
The ShareChat app has 160 million customers in India and Moj has 120 million. Moj and different comparable TikTok alternate options have been discovering favour with customers in India, the place smartphone use has been quickly surging.
ShareChat has plans to boost extra funds from buyers within the coming months, a supply acquainted with its plans mentioned.
The firm declined to touch upon future funding plans.
ShareChat’s valuation makes it India’s newest “unicorn”, which describes tech startups valued at greater than $1 billion.
Including the newest funding, ShareChat has now raised $766 million over six funding rounds.