Indian social networking platform ShareChat has raised USD 502 million led by Tiger Global. At a post money valuation of USD 2.1 billion ShareChat has turned a unicorn in 2021.
ShareChat was founded by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan in January, 2015. It is owned by Mohalla Tech Private Limited. ShareChat claims to have a userbase of over 160 million with its short video app Mojo having 120 million userbase alone.
If you remember, the Indian government has been banning selective apps since June last year. It was in June 2020 when ShareChat launched its short videos app Mojo. Mojo gained 50 million downloads within 45 days and is among the top short video apps on the Google Play Store now. It competes with MX Takatak and Josh app by Dailyhunt.
Not very long ago, in September 2020 ShareChat was valued at USD 630 million after its pre-series E funding round. It has shot up by 3.5 times to USD 2.1 billion with the current funding of USD 502 million sought from Tiger Global.
ShareChat makes 95% of its revenue from advertising on its platform.