ShareChat, an Indian social media company that hopes to fill the vacuum left by the ban on TikTok has announced it has raised US$40 million in a pre-Series E in press statement.
Investors in the round of financing include existing backers like SAIF Partners, Lightspeed Ventures and India Quotient whiles new investors coming board include Dr. Pawan Munjal, chief executive and chairman of giant two-wheeler manufacturer Hero MotoCorp, Ajay Shridhar Shriram, chairman of chemical manufacturing company DCM Shriram.
The startup’s total capital haul since incorporation now stands at $264 million, the statement noted.
The latest capital infusion will bolster growth plans for ShareChat’s short video platform Moj, and part of the fresh funds will be invested in beefing up product development, expanding its creator ecosystem and securing partnerships with music labels, the statement noted.
“ShareChat is on a rapid growth path and is spearheading the growth of the Indic language Indian social media landscape. Our short-video platform Moj has been on an explosive growth trajectory since its launch,” CEO and Cofounder of ShareChat Ankush Sachdeva said in the statement.
“This funding will help us further invest into our product development, [machine learning] capabilities and helping the creator community,” Sachdeva further said.
“The company’s India-first brand and capabilities in local languages, product innovation, AI, growth and retention are deep moats. The hyper-growth in 2020 for its two applications–ShareChat and Moj–underscores its emergence as a quintessential Indian success story,” Partner at Lightspeed India Dev Khare said in the statement.