Google, Snap Inc. to make heavy investments in Indian startup ShareChat
Category: #technology  By Pranali Mehta  Date: 2021-01-06
  • share
  • Twitter
  • Facebook
  • LinkedIn
Google, Snap Inc. to make heavy investments in Indian startup ShareChat
  • One of ShareChat’s key investors is the American microblogging platform Twitter.
  • ShareChat’s upcoming Series E funding round is slated to be larger than USD 200 million.

Bangalore-based social media platform ShareChat is in talks of securing considerable investments from two American multinational conglomerates, Google LLC and Snap Inc.

For those unfamiliar, ShareChat is available in more than 15 Indian languages and has a large following, particularly in small cities as well as towns. The company runs a short-video app called Moj, which reportedly has around 80 million monthly active users.

Apart from having existing investors, ShareChat is also backed by a renowned U.S.-based microblogging and social networking service Twitter Inc. The company has raised over USD 264 million to date and was appraised at USD 700 million in 2020.

ShareChat’s upcoming Series E funding round is slated to be larger than USD 200 million, with Google investing over USD 100 million. Moreover, the impending funding round would allow ShareChat to reach a valuation of USD 1 billion, cited sources with knowledge of the matter.

It is also worth noting that both Snap Inc. and Twitter have been putting efforts into gaining users beyond Indian urban cities. The two American social networking giants currently comprise more than 50 million monthly active users in India. 

Meanwhile, Google has been on an investment-spree in the recent past. Reportedly, the Android-maker had previously invested in InMobi’s Glance as well as in DailyHunt, both of which run short-video apps. Sources confirmed that Google had also touted plans of acquiring ShareChat.

At that time, co-founder and Chief Executive of ShareChat Ankush Sachdeva was quoted saying that the app has been gaining quite the momentum, with users spending on an average 30 minutes on the app daily.

However, the terms of the deal could alter, and the apparent talks may not materialize into an investment, sources claimed.

Source Credits –

https://techcrunch.com/2021/01/04/google-and-snap-in-talks-to-invest-in-india-social-network-sharechat/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

EU closes in on banning targeted ads to avoid misuse of sensitive data
EU closes in on banning targeted ads to avoid misuse of sensitive data
By Pranali Mehta

The European Parliament recently approved the initial draft of a bill that prohibits targeted advertising based on sensitive data such as religious beliefs, sexual orientation, race, or ethnic origin. The bill especially aims to address big tech comp...

Ambulance aggregator StanPlus secures USD 20 Mn to scale its offerings
Ambulance aggregator StanPlus secures USD 20 Mn to scale its offerings
By Pranali Mehta

StanPlus, the Hyderabad-based online ambulance aggregator, has reportedly raised USD 20 million in debt and equity during a funding round that was spearheaded by HealthQuad, Kalaari Capital, as well as HealthX Capital Singapore.  The fundraisin...

R&D projects worth USD 5.5 Mn approved under India-Israel tech fund
R&D projects worth USD 5.5 Mn approved under India-Israel tech fund
By Pranali Mehta

As a part of discussions on expanding the reach of India Israel Industrial R&D along with Technological Innovation Fund, the two nations have approved three joint R&D projects costing USD 5.5 million and discussed methods to develop a bigger ...