ShareChat parent Mohalla Tech raises $502mn; now valued at $2.1bn

The funding round also saw participation from Snap Inc, Twitter and India Quotient, amongst others.

Mohalla Tech, the parent company behind Indian social media platforms such as Moj and ShareChat, on Thursday said it has raised $502 million in a funding round led by Lightspeed Venture Partners and Tiger Global, valuing the firm at over $2.1 billion.

The funding round also saw participation from Snap Inc, Twitter and India Quotient, amongst others. The new round will be utilised for doubling down on tech initiatives, supporting user growth and improving platform safety features, the company said in a statement.

Mohalla Tech, which was founded in 2015, has till now raised over $766 million across six rounds.

“We are at an exciting inflection point in our journey, where we are going after a massive opportunity with the right team in place and the backing of long-term investors who have a deep conviction in our mission. With ShareChat & Moj, we are well-positioned to build the largest AI-powered content ecosystem in India,” Ankush Sachdeva, CEO & Co-founder, ShareChat said.

He added that with this infusion of capital, the company will continue to aggressively grow its user base, build a world-class organisation in India & the U.S. and further strengthen its creator community, AI-powered recommendation engine and platform health.

ShareChat, the social networking platform that allows users to access and post content in their native language, has 160 million monthly active users. Meanwhile, Moj – the short video app that was launched soon after the government banned 59 Chinese applications, including TikTok, has over 120 million monthly active users, as per data shared by the company.

Source: Read Full Article