ShareChat raises $100 mn in Series-D funding - to hire talent, add technology
ShareChat, a regional social media platform, has announced that it has raised a new round of funding of $100 million in its Series-D funding. ShareChat has raised a total of $224 million till date.
ShareChat, a regional social media platform, has announced that it has raised a new round of funding of $100 million in its Series-D funding. ShareChat has raised a total of $224 million till date. The startup's existing investors participated in this round include Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital. Twitter and TrustBridge Partners are two new investors joined in the latest funding round.
ShareChat said in a statement that this new round of funding will help ShareChat strengthen the technology infrastructure for its platform as the company looks to scale its business. Additionally, ShareChat will acquire talent to help propel the exchange of ideas among its strategic partners, it said. To accelerate the internet ecosystem in India, the company will also be introducing more features to make the experience seamless across devices.
Ankush Sachdeva, CEO of ShareChat, said, “This is a very exciting time for us at ShareChat as we see our platform growing rapidly. With this new round of funding, we are positioned to take the next leap in our growth story. As we scale up, our focus remains to help the ShareChat community better express themselves in the comfort of their native language.”
Manish Maheshwari, Managing Director of Twitter India said, “Twitter and ShareChat are aligned on the broader purpose of serving the public conversation, helping the world learn faster and solve common challenges. This investment will help ShareChat grow and provide the company’s management team access to Twitter’s executives as thought partners.”
The diversity and depth of user-generated content has enhanced the stickiness of the product, and will contribute great business value to ShareChat as a platform, Tuck Lye Koh, Founding Partner and CEO, Shunwei Capital said. The platform currently has 60 million monthly active users across the country.