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ShareChat Raises $145 Million From Temasek, Others at Near $3-Billion Valuation

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Indian content-sharing platform ShareChat has raised $145 million (roughly Rs. 1,078 crores) in recent funding from Singapore’s Temasek Holdings and two different traders, giving it a valuation of $2.88 billion (roughly Rs. 21,418 crores), the corporate informed Reuters on Tuesday.

The funding alerts rising fascination for Indian content-sharing and short-video apps which have turn into widespread ever since New Delhi final 12 months banned ByteDance’s TikTok and another Chinese apps following an India-China border conflict.

ShareChat permits customers to submit content material in 15 Indian languages. After TikTok was banned, the Indian agency additionally launched an analogous short-video sharing app named Moj which has since turn into widespread and clocked thousands and thousands of downloads.

The newest funding spherical was led by Temasek and Moore Strategic Ventures, with participation from a fund collectively arrange by Mirae Asset and South Korean internet portal Naver Corp, ShareChat mentioned in its assertion. Reuters is first to report the fund increase.

The newest investments come round 4 months after ShareChat raised $502 million (roughly Rs. 3,733 crores) from Tiger Global, Snap, Twitter and a few others, which at the time valued it at simply over $2.1 billion (roughly Rs. 15,617 crores).

“Investments raised this year including this additional capital infusion will help the company double down (on) its strategic priorities,” ShareChat mentioned.

The firm will proceed to put money into artificial-intelligence capabilities of video app Moj and improve its in-app modifying instruments, mentioned CEO Ankush Sachdeva.

ShareChat has 180 million lively customers. Moj has 160 million customers and counts Facebook’s Instagram Reels as its high rival.

India’s digital startups ecosystem is turning into a darling of traders.

China’s Ant Group-backed meals supply agency Zomato had a stellar debut on Indian bourses final week, valuing the agency at $13 billion (roughly Rs. 96,683 crores), whereas others together with SoftBank-backed ride-hailing agency Ola are additionally eyeing IPOs.

ShareChat has no instant IPO plans and the corporate for now will give attention to increasing its present enterprise and choices, a supply accustomed to the technique mentioned.

© Thomson Reuters 2021


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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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