17 Jun 2022 , 04:22 PM
Mohalla Tech Pvt. Ltd., the parent company of ShareChat, has raised $520 million in a multi-tranche fundraising transaction with a valuation of $5 billion. ShareChat raised $266 million in the first round of funding from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient in December 2021. Following the acquisition of MX TakaTak, ShareChat added Google and Times Group as new investors, while Temasek returned with a $255 million investment.
ShareChat, based in Bengaluru, earned unicorn status last year and claims to have raised $913 million in total in 2021. According to ShareChat, this is the most funding of any company that became a unicorn that year.
Aside from the ShareChat app, the native social media firm also operates the short video platforms Moj and TakaTak, which have a combined user base of over 400 million. ShareChat claims to have quickly monetized platforms in the last year, resulting in a revenue increase. Aside from advertising, the company specializes in virtual gifts and video commerce.
The ShareChat software now includes audio chatrooms, which the business claims streams 2 billion minutes of audio per month.
Since its inception in July 2020, the number of active users on its short video platform Moj has increased thrice. According to Sharechat, the app experienced 2X daily time spent per user compared to its nearest domestic competitor, according to App Annie data released in May 2022. The app now includes a music collection, an in-app chat feature, and live streaming. In order to access the social commerce market, Moj has partnered with Flipkart.
In February 2022, ShareChat’s parent company paid $700 million for short video platform MX TakaTak, highlighting the company’s strong bets in the short video area. ShareChat’s integrated Moj-MX TakaTak platform is expected to have 100 million creators, 300 million monthly active users, and approximately 250 billion monthly video views.
Video consumption has skyrocketed in India over the last two to three years, aided by the proliferation of low-cost cellphones and low-cost broadband. Short-form video accounts for about 7% of total time spent on content, according to market research firm RedSeer Consulting. Experts believe that local short video platforms have established a strong foundation outside of the top 50 cities.
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