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Google backs India’s ShareChat in $300 mn funding round at $5 bn valuation

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The parent company of India’s ShareChat has raised nearly $300 million in fresh funding from Alphabet Inc’s Google, media giant Times Group and Singapore’s Temasek Holdings, valuing the social media firm at nearly $5 billion, two sources involved in the deal discussions told Reuters.


A deal is set to be announced as early as next week, the sources added.





ShareChat’s parent company, Mohalla Tech, did not respond to a request for comment. Google and Temasek did not immediately respond to requests for comment, while Reuters could not immediately reach the Times Group.


This is Google’s second key investment in India’s short video space, having previously backed Josh, which competes with ShareChat’s sister firm Moj.


Google’s investment in a bearish market for Indian start-ups shows the appetite for the short video sector and the start-up’s investment thesis, one of the sources said. India’s tech startups, which raised a record $35 billion in new funds in 2021, have been struggling to raise funds as corporate governance concerns loom large for investors facing a new uncertainty in global markets.


Short video apps like Moj and Josh shot up in popularity after India in 2020 banned ByteDance’s TikTok and some other Chinese apps following a border clash with China.


ShareChat currently has 180 million monthly active users. Moj, along with Mohalla’s recently acquired MX TakaTak, has a combined user base of 300 million, according to one of the sources.


ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek. The firm also counts Twitter and Snap among its investors.


If the bid by Tesla CEO Elon Musk to buy Twitter goes through, Musk will have potentially a stake of between 6% and 8% in ShareChat, the source added.


(Reporting by Munsif Vengattil; Editing by Susan Fenton)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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The parent company of India’s ShareChat has raised nearly $300 million in fresh funding from Alphabet Inc’s Google, media giant Times Group and Singapore’s Temasek Holdings, valuing the social media firm at nearly $5 billion, two sources involved in the deal discussions told Reuters.


A deal is set to be announced as early as next week, the sources added.





ShareChat’s parent company, Mohalla Tech, did not respond to a request for comment. Google and Temasek did not immediately respond to requests for comment, while Reuters could not immediately reach the Times Group.


This is Google’s second key investment in India’s short video space, having previously backed Josh, which competes with ShareChat’s sister firm Moj.


Google’s investment in a bearish market for Indian start-ups shows the appetite for the short video sector and the start-up’s investment thesis, one of the sources said. India’s tech startups, which raised a record $35 billion in new funds in 2021, have been struggling to raise funds as corporate governance concerns loom large for investors facing a new uncertainty in global markets.


Short video apps like Moj and Josh shot up in popularity after India in 2020 banned ByteDance’s TikTok and some other Chinese apps following a border clash with China.


ShareChat currently has 180 million monthly active users. Moj, along with Mohalla’s recently acquired MX TakaTak, has a combined user base of 300 million, according to one of the sources.


ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek. The firm also counts Twitter and Snap among its investors.


If the bid by Tesla CEO Elon Musk to buy Twitter goes through, Musk will have potentially a stake of between 6% and 8% in ShareChat, the source added.


(Reporting by Munsif Vengattil; Editing by Susan Fenton)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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