ShareChat to raise $300 million in a funding round to be lead by Google
Amid the increasing demand for home-grown social networks and micro-blogging platforms, homegrown social network ShareChat is in the final stages of talks to raise as much as $300 million in new funding from Google and others after which it may value more than $1 billion.
This won’t be an acquisition by Google but it will lead the investment, along with Snap Inc and other new investors. Twitter is also an existing investor in ShareChat.
“A couple of other big names are joining the round apart from Google and Snap,” a person aware of the matter said.
An announcement in this regard could come later this month. The Bengaluru-based firm was last valued under $700 million. It has raised over $260 million in the capital so far from venture capital firms like India Quotient, Lightspeed Venture Partners and Elevation Capital among its investors. These investors too are likely to join the new funding round.
A spokesperson of ShareChat declined to make any comment.
Launched in 2015, ShareChat caters to non-metro users in 15 languages. The company says it has about 160 million monthly active users. Industry sources have said the interest from large strategic investors in ShareChat comes on the back of its user base beyond metros, where other social networking platforms haven’t been able to expand yet.
Since the TikTok ban, Sharechat has also expanded into the short-video space with Moj, where it competes with MX Takatak, which is owned by Times Internet, an arm of BCCL, which publishes this newspaper.