Mumbai: Regional language social media network Sharechat has raised $502 million from its major investors including Tiger Global, Lightspeed Venture Partners, India Quotient, Twitter and Snap Inc.
The five-year-old social media platform is valued at $2.1 billion following this single biggest fund-raise. ShareChat was one of the companies to quickly comes into the short-video segment with their product Moj following the ban of Tiktok in India.
“With ShareChat and Moj, we are well-positioned to build the largest AI-powered content ecosystem in India”, Ankush Sachdeva, CEO and Co-founder of ShareChat said.
“With this infusion of capital, we would continue to aggressively grow our user base, build a world-class org in India and US and further strengthen our creator community, AI-powered recommendation engine and platform health”, He added.