Social media platform based on regional language – ShareChat has raised $502 million at a $2.1 billion valuation from Tiger Global, Lightspeed, Twitter, Snap and other investors.
“Excited to share that we have raised $502mn at $2.1bn valuation from Tiger Global, Lightspeed, Snap, Twitter and others. This capital will help us accelerate our journey of building India’s largest AI-powered content ecosystem. We are thankful to all our existing and new investors for their support,” Co-founder of ShareChat – Ankush Sachdeva confirmed the news via Twitter.
“We are at a significant inflection point in our company’s journey — as the internet penetration further deepens in India we are well-positioned to expand our ecosystem of products to 1 Billion plus monthly active users cumulatively. We have seen how large the short-video market is in China — with around 80% of the entire Internet population using one of the short-video products(Douyin, Kuaishou etc) daily.,” Sachdeva added in a post.
ShareChat was founded by three IIT Kanpur alumni, Ankush Sachdeva, Farid Ahsan, and Bhanu Pratap Singh in 2015. The trio met at a Yahoo Hackathon and started their journey to built their product – ShareChat.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.