Indian content sharing platform ShareChat on Thursday said it has raised $40 million from various investors, including Twitter, Lightspeed Ventures, SAIF Partners, India Quotient, Pawan Munjal and DCM Shriram Promoters Family Office.
The funding will be utilised towards driving growth for Moj, the newly-unveiled short video platform, the company said.
“Large parts of the fund have been earmarked for doubling down on investments made in product development, growing creator ecosystem and establishing partnerships with music labels,” the company added.
The announcement follows the recent ban on various Chinese applications by India, including the popular short-video sharing platform Tik Tok.
Ankush Sachdeva, CEO and co-founder, ShareChat, said, “Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, ML capabilities and helping the creator community”
Moj, unveiledlaunched in July this year, has till now garnered over 80 million MAUs with users spending on an average about 34 minutes on the platform, the company said.
With the new round, ShareChat’s total funding now stands at $264 million.