Content material-sharing platform ShareChat on Thursday mentioned it had raised $266 million (kind of Rs. 2,030 crore) in recent investment from U.S.-based Alkeon Capital and a few current buyers, pushing its valuation to $3.7 billion (kind of Rs. 28,210 crore).
The brand new investments, a part of ShareChat’s 3rd investment spherical this yr, used to be led by way of Alkeon and noticed participation from Singapore’s Temasek Holdings and Moore Strategic Ventures, amongst others, the corporate mentioned in a observation.
Reuters is first to file the fund elevating.
ShareChat raised $145 million (kind of Rs. 1,868 crore) in July from Temasek and others at a valuation of round $3 billion (kind of Rs. 22,880 crore).
Content material-sharing and short-video apps have transform standard within the nation since New Delhi final yr banned ByteDance’s TikTok and a few different Chinese language apps following an India-China border conflict.
ShareChat – which has 180 million lively customers – lets in customers to submit content material in 15 Indian languages. After TikTok used to be banned, the company additionally introduced a identical short-video sharing app named Moj which has 160 million customers and counts Meta Platforms Inc’s Instagram Reels as its key rival.
“Each our merchandise were main the marketplace … This recent investment will additional reinforce our place and assist us ship immersive social studies,” Ankush Sachdeva, ShareChat’s CEO, mentioned in a observation.
The corporate may also use the budget to broaden its apps’ artificial-intelligence functions, it mentioned.
Social media and video-sharing apps within the nation were wanted by way of buyers who need to money in on India’s impulsively rising base of web and smartphone customers. Indian shoppers – each in city and rural spaces – are an increasing number of eating virtual video content material thru apps or streaming platforms.
ShareChat mentioned in its observation that customers of its Moj app spent a mean 34 mins on a daily basis eating video content material.
© Thomson Reuters 2021
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