ReutersBengaluru: Mohalla Tech, the parent firm of regional language social media platform Sharechat and short video app Moj, said it has raised an additional $145 million for its Series F funding round led by Singapore’s Temasek and Moore Strategic Ventures. Mirae-Naver Asia Growth Fund also participated in the latest financing.
Post the new tranche of capital, Sharechat will be valued at $2.88 billion, the company said in a statement on Tuesday.
Earlier in April, the Bengaluru-based firm had raised $502 million in a round led by Tiger Global at a valuation of $2.1 billion, making its entry into the much coveted unicorn club.
All told, the total funding round stands at $647 million. Snap Inc and Twitter are among its existing investors.
ShareChat said the total capital raised by the company this year will help the firm double down on its strategic priorities of building best in class AI or Artificial Intelligence feed, attracting and incentivising diverse creator base and strengthening safety on its platform.
It said it has hired senior executives with expertise in the AI/ML domain in recent months in the UK and the US and is looking to hire more people in such roles.
Ankush Sachdeva, cofounder and CEO, ShareChat and Moj, said the additional investment a validation of its market leadership and reflects the investor trust in its execution capabilities.
“With a monthly active user base of 160 million and over 50 million strong creator community, Moj in a year has grown into India’s number one short video app. To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools and helping our creators monetize on the platform,” Sachdeva said.
Moj competes with platforms like Dailyhunt’s Josh, MX TakaTak, which is owned by Times Internet, the internet arm of Times Group in the short video market. Post the ban of Bytedance-owned TikTok in India local players have been able to ratchet up investor interest.
“We are excited to partner with Moj as they build India’s premier short form video platform, and have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike,” said James McIntyre, senior managing director and COO, Moore Strategic Ventures.
Post the new tranche of capital, Sharechat will be valued at $2.88 billion, the company said in a statement on Tuesday.
Earlier in April, the Bengaluru-based firm had raised $502 million in a round led by Tiger Global at a valuation of $2.1 billion, making its entry into the much coveted unicorn club.
All told, the total funding round stands at $647 million. Snap Inc and Twitter are among its existing investors.
ShareChat said the total capital raised by the company this year will help the firm double down on its strategic priorities of building best in class AI or Artificial Intelligence feed, attracting and incentivising diverse creator base and strengthening safety on its platform.
It said it has hired senior executives with expertise in the AI/ML domain in recent months in the UK and the US and is looking to hire more people in such roles.
Ankush Sachdeva, cofounder and CEO, ShareChat and Moj, said the additional investment a validation of its market leadership and reflects the investor trust in its execution capabilities.
Happy to share that we have concluded our ~$650mn Series F round raising additional capital from Temasek, Moore Str… https://t.co/lEvfvMSgG6
— Ankush Sachdeva (@AnkushSach) 1627360908000“With a monthly active user base of 160 million and over 50 million strong creator community, Moj in a year has grown into India’s number one short video app. To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools and helping our creators monetize on the platform,” Sachdeva said.
Moj competes with platforms like Dailyhunt’s Josh, MX TakaTak, which is owned by Times Internet, the internet arm of Times Group in the short video market. Post the ban of Bytedance-owned TikTok in India local players have been able to ratchet up investor interest.
“We are excited to partner with Moj as they build India’s premier short form video platform, and have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike,” said James McIntyre, senior managing director and COO, Moore Strategic Ventures.