Sharechat rides on the ban on apps from China with 15 million downloads in 36 hours – but is itself backed by Chinese investors
- As the news of the ban came in,
Sharechathas seen 15 million new downloads in 36 hours with almost half a million downloads every hour.
- The company said they have seen over 1 lakh posts supporting the ban on Chinese apps and also saw the Indian government’s MyGovIndia build a profile on their platform.
- Sharechat is backed by Chinese investors like Shunwei Capital, Xiaomi and Morningside Venture Capital which is one of China's earliest early-stage venture investors.
“We are excited to see the way people are exploring ShareChat for the endless possibilities it offers to the people and making it the preferred Indian social media platform. We are thankful for their continuous support and yet again, enabling us to emerge as the leader in the Indian social media landscape. We are confident that this sets up the foundation of another success for ShareChat,” said Farid Ahsan, COO and Co-founder, ShareChat.
The company said they have seen over 1 lakh posts supporting the ban on Chinese apps and also saw the Indian government’s MyGovIndia build a profile on their platform.
But interestingly enough, Sharechat is backed by Chinese investors like Shunwei Capital, Xiaomi and Morningside Venture Capital which is one of China's earliest early-stage venture investors.
In 2019, the social media app for local languages was the first Indian startup to bag a funding from Twitter. It had got a $100 million funding from Twitter taking its total funding to $224 million and was valued at $650 million.
In FY19, Sharechat’s losses grew 12 times over to ₹415 crores. The previous year it reported a ₹33.8 crore loss.
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