Sharechat said on Thursday that it has raised a new financing round that values more than $ 2 billion, joining four other local startups achieving unicorn status this week.
The Indian social network said it has raised $ 502 million in a new financing round led by Tiger Global. Sharechat was valued at $ 2.1 billion last year, up from about $ 650 million last year. Snapchat and current investor Twitter also participated in Roundwatch, raising $ 765 million to date.
ClearTips previously reported that the startup began tangling with investors for a new financing round about 10 months ago, and figured out a full purchase deal with Twitter.
Sharechat, which boasts more than 160 million users, offers its social network app in 15 Indian languages and has a large number in small Indian cities and towns, or as Blue Ventures capitalist Sajith Pai “Bharat 2” Refer to. Very few players in the Indian startup ecosystem have access to this segment of the population thanks to users from small towns and villages known as “Bharat 3” – who have gone online in recent years.
Last year, the Bangalore-based startup launched Moj, a short-form video app that it says has already left more than 80 million monthly active users after New Delhi banned Tiktok. India is counted as its largest international market. Is being blocked. Snap earlier this year signed a deal with ShareChat to integrate its camera kit into an Indian short-video app. (Thursday’s deal is Snap’s first investment in an Indian startup.)
Moj competes with a handful of players, including Times Internet’s MX TakaTak, which currently leads the market with more than 100 million monthly active users.
This is a developing story. More to follow…