5Y News | Indian Social Media Company ShareChat Raises $266 Million at $3.7 Billion Valuation
India's largest AI-powered content ecosystem.
Indian social media company ShareChat announced it has raised $266 million in a new funding round led by Alkeon Capital, with participation from Temasek, Moore Strategic Ventures (MSV), Harbourvest, and India Quotient. The company has raised nearly $1 billion in total funding in 2021. ShareChat is now valued at $3.7 billion.
5Y Capital participated in the company's Series C and Series D rounds in 2018 and 2019.
Yu Cheng, partner at 5Y Capital, said: "Congratulations to the team on completing four funding rounds in just one year and achieving rapid growth. ShareChat has grown into India's largest and fastest-growing social media ecosystem with over 100 million DAU, steadily becoming the digital gateway for 1 billion users over the next decade."
Founded in 2015 by Ankush Sachdeva, Bhanu Singh, and Farid Ahsan, ShareChat offers Indian users a new way to interact socially and is building India's largest AI-driven content ecosystem.
ShareChat has become India's largest regional social media platform, with 180 million monthly active users. The platform allows users to post content in 15 Indian languages, sharing moods, life updates, text and video posts, and making new friends.
In 2020, ShareChat launched short video app Moj, which now has 160 million users and is India's largest short video app.
On monetization, beyond advertising, ShareChat has also seen rapid growth and broad potential in its Virtual Gifting revenue model.
Ankush Sachdeva, co-founder and CEO of ShareChat, said: "Moj and ShareChat have been growing at an explosive pace. Both our products have attracted highly engaged user bases, creators, and partners. This new funding will help us deliver more immersive social experiences for our users and further solidify our market leadership."
5Y Capital (formerly Morningside Venture Capital) currently manages approximately RMB 32 billion in dual-currency USD and RMB funds. 5Y Capital seeks out, supports, and inspires solitary entrepreneurs, providing support from mentorship to all aspects of business operations. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
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