Jobaaj Stories
ShareChat (Mohalla Tech Pvt Ltd), India's largest homegrown social media company concluded its multi-tranche funding round by raising a total of US$520 million in total and reaching a valuation of US$5 billion.
ShareChat had raised US$266 million in December 2021 from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient in its first round. In the final tranche, post the acquisition of MX TakaTak; Google and Times Group participated as new investors while Temasek participated yet again, adding US$255 million on 16th June 2022.
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ShareChat collectively raised US$913 million last year, which is the highest funding raised by any company that became a unicorn during the year.
ShareChat which owns Moj and TakaTak, besides the ShareChat app, has an active user base of 400 million users. Since its launch in July 2020, Moj has grown to have over 3X daily active users and 2X daily time spent per user compared to its nearest domestic competitor such as VerSe Innovations, Meta, etc.
ShareChat focused on rapidly monetizing its various platforms and saw its revenue surge such as in areas like advertising, virtual gifting, and video commerce. Virtual gifting is witnessing incredible adoption on the ShareChat app, with the business line already at a US$50 million annual recurring revenue (ARR), and is expected to be more than double by this year-end.
Ankush Sachdeva, CEO & Co-founder, ShareChat and Moj, said, “We are excited to announce the closing of our funding round and adding Google and The Times Group to our cap table. We are also happy and grateful to see Temasek reaffirming its faith in us for the third time in a year. Despite strong headwinds, it is reassuring to see investor confidence in ShareChat's efforts and potential to grow further. Over a year ago, we turned unicorn, and since then, we have been scaling and innovating at an exhilarating pace, further refining our offerings and expanding our operations. The coming year will be about capitalizing on the scale and building robust revenue models.
We are committed to empowering every Indian by providing platforms to share experiences, discover new opportunities, showcase their talents and make their passion a means to a livelihood.”
-by Gautam
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