5Y News | Indian Social Media Platform ShareChat Completes New Funding Round at $5 Billion Valuation
The Growth of Unicorns.
Mohalla Tech, the parent company of Indian social media platform ShareChat and short-video app Moj, recently announced a new funding round of $255 million. Investors include Google, Temasek, and Times Internet.
The company is now valued at $5 billion, making it one of the most highly valued internet companies in India.
5Y Capital participated in the company's Series C and D rounds in 2018 and 2019.
Founded in 2015 by Ankush Sachdeva, Bhanu Singh, and Farid Ahsan, ShareChat has grown into India's largest AI-driven social and content company. In February 2022, Moj merged with MX TakaTak, the short-video platform owned by Indian media giant Times Group's Times Internet, to form India's largest short-video platform. Following the merger, the combined active user base of ShareChat, Moj, and MX TakaTak exceeded 400 million.
Beyond user scale, ShareChat's commercial monetization has also grown rapidly over the past year. The company has built diversified revenue streams beyond advertising, including virtual gifting and video/live-streaming e-commerce.
"We are thrilled to announce the completion of this funding round and grateful for the trust of both new and existing investors," said co-founder and CEO Ankush Sachdeva. "It's gratifying to see investors recognize ShareChat's efforts and have confidence in our potential for further growth. A year ago we became a unicorn, and over the past year we have continued to expand and innovate, further refining our products and extending our business. Going forward, we will leverage our scale to build a more robust business model."
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