ShareChat has closed a $520 million fundraising round with a valuation of $5 billion

Mohalla Tech Pvt. Ltd., the dad or mum firm of ShareChat, has raised $520 million in a multi-tranche fundraising transaction with a valuation of $5 billion. ShareChat raised $266 million within the first spherical of funding from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient in December 2021. Following the acquisition of MX TakaTak, ShareChat added Google and Occasions Group as new traders, whereas Temasek returned with a $255 million funding.

ShareChat, primarily based in Bengaluru, earned unicorn standing final yr and claims to have raised $913 million in complete in 2021. In keeping with ShareChat, that is probably the most funding of any firm that grew to become a unicorn that yr.

Except for the ShareChat app, the native social media agency additionally operates the brief video platforms Moj and TakaTak, which have a mixed consumer base of over 400 million. ShareChat claims to have shortly monetized platforms within the final yr, leading to a income enhance. Except for promoting, the corporate focuses on digital items and video commerce.

The ShareChat software program now consists of audio chatrooms, which the enterprise claims streams 2 billion minutes of audio per 30 days.

Since its inception in July 2020, the variety of lively customers on its brief video platform Moj has elevated thrice. In keeping with Sharechat, the app skilled 2X each day time spent per consumer in comparison with its nearest home competitor, in keeping with App Annie information launched in Could 2022. The app now features a music assortment, an in-app chat characteristic, and stay streaming. With a view to entry the social commerce market, Moj has partnered with Flipkart.

In February 2022, ShareChat’s dad or mum firm paid $700 million for brief video platform MX TakaTak, highlighting the corporate’s sturdy bets within the brief video space. ShareChat’s built-in Moj-MX TakaTak platform is anticipated to have 100 million creators, 300 million month-to-month lively customers, and roughly 250 billion month-to-month video views.

Video consumption has skyrocketed in India during the last two to 3 years, aided by the proliferation of low-cost cellphones and low-cost broadband. Brief-form video accounts for about 7% of complete time spent on content material, in keeping with market analysis agency RedSeer Consulting. Consultants consider that native brief video platforms have established a robust basis outdoors of the highest 50 cities.