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ShareChat raises funding from Snap
April 08, 2021
Indian content sharing platform ShareChat said it has brought $502 million up in fresh investment from Tiger Global, Snap Inc and some current financial investors like Twitter Inc, valuing it at more than $2 billion.
The investment was driven by U.S. funding firm Lightspeed Venture Partners and American investment firm Tiger, ShareChat said in a statement on Thursday.
Tiger Global and Snap, proprietor of famous photo messaging application Snapchat, are new financial investors in the Indian platform.
The investments signals increasing financial investor interest in Indian web-based media applications that are hoping to take advantage of repressed interest after New Delhi restricted many Chinese applications, including ByteDance’s TikTok, following an India-China line conflict a year ago.
Moj and other comparable choices of the mainstream video application TikTok have been discovering favor with clients in India, where cell phone use has been rapidly surging.
ShareChat is currently valued at minimal more than $2.1 billion, it said, adding that new investments will be using to double down on technology initiatives and support user growth.
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