ShareChat, the Bangalore based social networking platform which caters to the vernacular audience has secured a $100 million (Rs 720.29 crore) in fresh funding which was led by existing investor Shunwei Capital.
As per the RoC filing of ShareChat, Shunwei pumped $32.5 million to lead the round while Hong Kong based Morningside Ventures infused $25 million. Xiaomi along with Lightspeed Partners and SAIF Partners, Venture Highway, and others also added their contribution to one of the largest investment in the content-based startup.
The total fund raised by the firm now is about $124 million. It last raised money from China-based Xiaomi when the Chinese mobile-maker had invested $18.2 million in the Series B round. The current valuation of ShareChat after the fresh capital is estimated to be about $458 million. Started in 2015 by Ankush Sachdeva, Bhanu Singh and Farid Ahsan; the platform offers content in regional languages. All the three co-founders are IIT Kanpur alumni.
The users can create and share jokes, videos, songs, and images using the platform. The Android app of ShareChat has more than 10 million downloads. The app serves multiple languages that include Hindi, Telugu, Marathi, Gujarati, Punjabi, Malayalam, Bengali, Tamil, Kannada, and Odia. The 50 employee firm now aims to enter the Northeast region and then it plans to monetize their services through advertising, influencer marketing, and in-app purchases.
Apart from ShareChat, DailyHunt, MyUpchar, Vokal and NewsDog are the startups who have attracted investments in the past, working in the same segment. The fresh capital raised will allow ShareChat get a little bit ahead of their rivals. With the number of mobile users increasing in the country, the vernacular users are using the platform to stay connected, share music and videos.
Image Courtesy : sharechat