Indian content-sharing platform ShareChat has raised Rs USD145 million in series F funding round and saw its valuation rise to USD 2.88 billion, news agency Reuters reported. Temasek and Moore Strategic Ventures led the new financing round along with Mirae-Naver Asia Growth fund.
The latest fundraise comes three months after the social media startup secured USD 502 million at a valuation of USD 2.1 billion. With the latest round, the Bengaluru-based platform has raised a total of around USD 911 million so far.
The company said in a statement that the fresh funds will be utilised for accelerating user growth, augmenting a robust creator economy, and invigorating their efforts towards building a world-class artificial intelligence (AI) organisation.
“We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months. We have been very fortunate to attract a bunch of very high quality names in our series F and the list just got longer with Temasek, MSV and Mirae-Naver joining hands with us,” said Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat.
“This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities. We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months,” he added.
ShareChat allows users to post content in 15 Indian languages. The platform is positioned uniquely with an average user time spent of 31 minutes daily. After TikTok was banned, the Indian firm also launched a similar short-video sharing app named Moj which has since become popular and clocked millions of downloads. Moj has become India’s number one short video app with the highest monthly active users, with an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily. The monthly active user community has grown to 160 million for Moj and 180 million for ShareChat.