Companies

Mohalla Tech, parent co of ShareChat, raises $145m at a valuation of $2.9b

Our Bureau Bengaluru | Updated on July 27, 2021

Investment led by Singapore state investor Temasek, Moore Strategic Ventures and Mirae-Naver Asia Growth Fund

 

Mohalla Tech, the parent company behind Moj and ShareChat, has raised $145 million as an extension of its Series F. At a valuation of $2.88 billion, this investment has been led by Singapore State investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund (jointly set up by Mirae Asset and South Korea’s Naver Corp).

Also read:ShareChat earmarks $19.1 million for ESOP buyback

This is an additional investment after the $502 million raised by the company in April this year. This funding will help the company to double down on its plans of building an AI feed, incentivising its creator base and amplifying platform health and safety. In the past few months, the company has hired global senior executives with specialisation in the AI and ML and continues to look for more such senior hires.

Commenting on the fundraise, Ankush Sachdeva, CEO and co-founder of Moj and ShareChat said, “In the past one year, Moj has garnered a monthly active user base of 160 million and 50+ million strong creator community. With this funding, we will continue to invest in our AI capabilities, building advanced editing tools and enable creators to monetize on the platform.”

$911 million raised

Founded in 2015, Mohalla Tech has now raised over $911 million across seven funding rounds. Short video app, Moj claims to have an average user time spent of 34 minutes every day, and over 4.5 billion daily views. Whereas, ShareChat is said to have an average user time spent of 31 minutes daily.

James McIntyre, Senior Managing Director and COO at MSV, said, “We have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop an ecosystem for content creators and consumers alike.”

Together, Moj and ShareChat, claim to have built a 340 million user base, and envision to grow this into a cohesive AI-powered content ecosystem. In the short-video platform space, Moj and SharChat compete with players like YouTube shorts, Chingari, Instagram Reels, Roposo and others. Further, the social commerce part of ShareChat has competitors like Meesho, Sheroes, and Shop101 among others.

Published on July 27, 2021

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