ShareChat maker raises $255 million in funding round led by Google and Times Group

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ShareChat raises $255 million in funding round led by Google and Times Group

Photo: PTI

ShareChat publisher Mohalla Tech, which also owns short-form video platform Moj, has raised $255 million or Rs 1,990 crore in a funding round led by Google and Times Group.
Existing investors such as Singapore’s Temasek also participated in the latest funding round. The local-language social media platform is valued at $5 billion after the company last secured funding amid a global investment lull due to a market downturn.

“We are delighted to announce the close of our funding round and the addition of Google and The Times Group to our caps table. We are also pleased and grateful to see Temasek reaffirming its confidence in us for the third time in a year. Despite strong headwinds, it is reassuring to see investor confidence in ShareChat’s efforts and potential for growth,” said Ankush Sachdeva, Founder and CEO of Mohalla Tech.

The company secured $266 million in its latest funding round from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures and India Quotient.

Earlier in February, ShareChat’s Moj merged with Times Internet’s MX TakaTak to create one of the largest home-market video platforms.

The company secured $913 million in funding in 2021, the year in which Indian startups raised a record $63 billion from global investors.

VerSe Innovation’s Josh is Moj’s closest rival which closed an $805 million funding round led by existing investors Canada Pension Plan Investment Board (CPPIB). Google is also an investor in VerSe Innovation.

Through ShareChat, Moj and MX TakaTak, Mohalla Tech serves 400 million users, the company said in a statement.

“Over a year ago we became a unicorn, and since then we have continued to evolve, innovate, refine our offerings and expand our operations. The year ahead will be about capitalizing on scale and building robust revenue models,” added Sachdeva.

Twitter Inc and Snap Inc are also investors in ShareChat.

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