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HomeFunding India based social media Unicorn ShareChat Secures $49 Million in Funding

[Funding Alert] India based social media Unicorn ShareChat Secures $49 Million in Funding

ShareChat is a colloquial social networking platform that was founded in 2015 by IIT Kanpur graduates Sachdeva, Farid Ahsan, and Bhanu Pratap Singh. It lets users record their lives, discuss their thoughts, and meet new people.

Social media company ShareChat has raised $48.8 million in fundraising through convertible debentures from its current backers, Temasek and Lightspeed. Alkeon, Rimco, HarbourVest, and Moore Strategic Ventures also contributed to the funding.

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In order to raise the funds, Mohalla Tech, the parent company of the short video entertainment app Moj and the vernacular social media network ShareChat, issued 4,895 Series I debentures at an issue price of $10,000 apiece.

After nearly two years, Sharechat is receiving new funding. At a $5 billion valuation, the unicorn secured a $520 million multi-tranche fundraising round in June 2022. In April 2021, it raised $502 million at a $2.1 billion valuation, headed by Lightspeed Ventures and Tiger Global, with participation from Snap Inc., Twitter, and India Quotient, among others. This made the company a unicorn.

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But by the end of 2023, it’s worth had apparently dropped to $1.5 billion due to a prolonged fundraising freeze and a general decline in the economy. Additionally, the business was having trouble staying profitable.

Additionally, the corporation laid off 20% of its workforce in January 2023, affecting about 500 workers. Bhanu Pratap Singh and Farid Ahsan, the co-founders of ShareChat, resigned from their leadership positions at the firm later that month.

About ShareChat

ShareChat is  the most popular social networking network in India, that only supports Indic languages. They enable its monthly active user base of 160 million people to chronicle their life, express their ideas, and meet new friends in the comfort of their own language.

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