Google, the Times Group, and previous investors contribute $255 million to the social networking startup.
ShareChat said on Thursday that it has completed a multi-tranche fundraising round, raising $520 million at a valuation of $5 billion. Google and the Times Group were among the new investors in ShareChat's last round. Temasek contributed another $255 million to the fund. ShareChat secured $266 million in the first portion of the deal in December 2021 from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient.
In 2021, ShareChat, which was valued at $1 billion last year and was designated as a unicorn, raised $913 million in total. It received the most money of all the unicorn firms that year. In a report, Ankush Sachdeva, CEO and co-founder of ShareChat and Moj, stated, "The following year will be about capitalising on the size and establishing solid revenue models."
ShareChat (Mohalla Tech) also owns Moj and TakaTak, India's leading short-video platforms. Together, they serve nearly 400 million people. Beyond advertising, the firm claims to have developed a diverse revenue strategy that includes virtual gifts and video shopping. Virtual giving, for example, is gaining traction on the ShareChat app, with a $50 million ARR (annual recurring revenue) currently in place and expected to more than quadruple by year's end, according to the firm.
The business claims, that its voice-based live hangouts transmit 2 billion minutes of audio. Through its exclusive agreement with Flipkart, Moj has evolved into a social commerce platform.
