Sharechat is now valued at $2.88 billion, with a $145 million fundraise

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Sharechat is now valued at $2.88 billion, with a $145 million fundraise
Canva/ BI India
Mohalla Tech, the parent company of short video app Moj and social media platform ShareChat, has raised $145 million as an extension of its Series F funding round. The round was led by Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund, jointly set up by Mirae Asset and South Korean web portal Naver Corp.

ShareChat’s valuation has grown to $2.88 billion with this round. The company was valued at $2.1 billion in its $502 million round raised in April 2021. Mohalla Tech has raised $911 million to date across seven funding rounds.

The capital will help the company double down its strategic priorities such as building a personalised feed on its platform, attracting and incentivising content creators as well as amplifying the safety on the platform.

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Over the last couple of months, ShareChat has hired senior executives in the artificial intelligence (AI) and machine learning (ML) spaces in the UK and the US. A part of the funding will also be invested in aggressively looking for more senior talent in this space, the company said.

“This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities,” Ankush Sachdeva, chief executive and co-founder of Mohalla Tech said.

Moj, Sharechat’s youngest offering launched in June last year, claims to have garnered over 160 million monthly active users and 50 million creators within a year of its launch. Like ShareChat, Moj is available in regional languages like Hindi, Punjabi, Marathi, Bengali and more.

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The company will continue to strengthen its leadership position and invest in its artificial intelligence (AI) capabilities, building advanced editing tools and helping creators monetize the platform, Sachdeva said.

Meanwhile, ShareChat has 180 million monthly active users. The company claims that an average user spends about 31 minutes on the platform. It has over 340 million user base in total.

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