ShareChat Raises $40 Million In Pre-Series E Funding Round: Moj Will Be Enhanced

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ShareChat is a freeware licensed social media platform developed in India. Mohalla Tech Private Limited is the developer of the Indian social media platform.

It was found by Ankush Sachdeva, Bhanu Pratap, and Farid Ehsan. It was initially launched in October 2015 and incorporated on 8 January 2015.

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ShareChat Founders
(Left To Right) Ankush Sachdeva (Co-founder & CEO), Farid Ahsan, Bhanu Pratap Singh | Image Source

Sharechat is a famous media platform with over 130 Million monthly active users. The platform is available in 15 languages and ranks 12,325 globally and 1,172 within the country.

ShareChat is spreading its platform with various acquisitions namely Clip acquisition, Elanic acquisition, Memer acquisition, and Circle Internet acquisition.

ShareChat has been a very strict and initiative-taking platform against misinformation.

On April 17, 2019, around half a million content was taken down including the removal of around 54000 accounts for spreading hate campaigns, misogynistic comments, spam, and fake comments which were conducted through various groups and accounts.

In May 2020 Ankush said ”We have to focus on our core product and feed recommendation driven growth levers while scaling back on the others. We need to go back to a fun fundamentals in terms of only picking bets that move the needle for growth.”

Soon Sharechat removed 101 employees but later rehired over 50% off the laid-off employers. According to a few reports it is expected that Sharechat will soon hire 150 to 200 employees by March 2021.

Sharechat successfully launched a new short video platform Moj. Sharechat was launched on 29th June 2020.

After the ban of Tiktok, various uses who gained importance through TikTok platform went through an identity crisis and personality development issues, and Moj, an alternative to the banned application, was launched.

Moj is in a competition line with Helo, another social media platform owned by ByteDance. ShareChat, after receiving information about ByteDance copying their design were accused and according to the Delhi High Court’s decisions, ByteDance had to change its design for their platform.

The accusation came into consideration when Ankush Sachdeva, co-founder, and CEO of Sharechat said “The app’s code was copied in 30 hours and was listed on Google Play Store on 7 July 2020”.

ShareChat also revealed how users spend approximately 31 minutes each day on their application which is available on IOS and Android platforms.

ShareChat Raises $40 Million In Pre-Series E Funding Round

On 2nd March 2019, A short video sharing platform, Clip, was acquired by Mohalla Tech. The company had nearly $10 Million funding rose for the platform before acquiring the video-sharing platform.

On 25th February 2020, Mohalla Tech acquired Elanic, a Bengaluru based platform and has over 5 Million downloads close to 1 Million active listings.

On 27th March 2020, Mohalla acquired Memer, a meme discovery platform. Since then, various original content pieces, over a Million, have been created.

Circle Internet Exhibition was also acquired by Mohalla Tech on 24th August 2020. ShareChat, on Thursday, announced how they have closed a funding round worth $40 Million.

It was invested by Hero Motocorp’s Dr. Pawan Munjal, DCM Shriram chairman Ajay Shri Ram, and Twitter.

The video platform Moj will be launched with even better and enhanced features using these funds.

“Open and short video platform has been on an explosive growth trajectory since its launch. This funding will help us for the invest in a product development Machine Learning [ML] capabilities and helping the creator community” said Ankush Sachdeva.

Investors in Pre-Series E-Funding Grounds include SAIF partners, LightSpeed Ventures and India Quotient.

The current usage of ShareChat and Moj together are over to 40 Million monthly active users. Sharechat has crossed over 160 Million, has been exceeded, users in the past month.

Building partnerships with music labels for the product development is how they will be using the new funds for ShareChat.

“Economic and demographic ecosystem of the internet universe is primed for companies like share chat and their products. I have immense faith in the young entrepreneurs of the country. Sharechat is an excellent example of a self Reliance company that is aiming to take India to the word “ said Dr. Munjal.

Dr. Munjal also explained how through his family trust he has invested in ShareChat for its widespread opening platform.

”Open ShareChat growth story has not been limited to its own success but has motivated many young Indian entrepreneurs to dream bake in the internet ecosystem,” said Shri Ram, who, according to the reports, is investing in ShareChat through DCM Shriram promoters family office.

ShareChat has taken over the series D funding round. With the involvement of Twitter, ShareChat has gained importance more than various other Indian platforms.

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Kritika
Student with ambitions, writer with ideas.
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