India's ShareChat Social Network Raises $100 Million
According to documents filed with the Registrar of Companies, Bengaluru-based tech company, Mohalla, which operates vernacular social networking platform, ShareChat, has raised Rs. 720 crore (about $100 meg) in a new circular of funding led by existing investor Shunwei Capital letter.
Co-ordinate to VCCircle, the funding raises the current valuation of the company to Rs. 3,332 crore (around $460 million) from the Rs. 431 crore ($67 million) that it was valued at during the Series B funding last Dec.
According to ET, some of the other leading investors who took part in the latest circular of funding include Chinese venture capital house Morningside Ventures and an entity chosen 'Jesmond Holdings' that the publication says is an affiliate of Russian billionaire Yuri Milner'due south investment vehicle, DST Global.
Other investors during the latest round include Chinese tech giant, Xiaomi and venture upper-case letter firms, SAIF Partners and Lightspeed Venture Partners.
Equally per the RoC filing, Shunwei Capital's contribution to the latest round is Rs. 236.54 crores (most $32.5 million), while Hong Kong-based Morningside Ventures invested Rs. 180.72 crores (well-nigh $25 million).
Xiaomi, which earlier led the Series B round in ShareChat, reportedly contributed $16.83 million, while Lightspeed Partners ($15.2 million) and others are believed to accept put in the remaining capital.
The filings further reveal that if ShareChat were to opt for an IPO at this stage, information technology will be at a minimum valuation of $2 billion, although the company is understood to be planning on increasing its user-base before going public.
ShareChat is available in 14 different languages and is reported to have viii million daily agile users. In the days ahead, the company reportedly has plans to expand to newer markets, including the Northeast region, before information technology begins working on monetizing its service next year through advertising, influencer marketing and in-app purchases.
Source: https://beebom.com/sharechat-100mn-funding/
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