ShareChat Closes $520 Million To Reach $5 Billion Valuation
The company aims to empower every Indian by providing platforms to share experiences, discover new opportunities, showcase their talents and make their passion a means of livelihood
ShareChat, India's homegrown social media company, has announced the closure of its multi-tranche funding round and raised $520 million to reach $5 billion valuation, from Google, Times Group and existing investors. The round also witnessed participation from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, India Quotient among others. ShareChat, which achieved unicorn status last year, has collectively raised $913 million in 2021.
"We are excited to announce the closing of our funding round and adding Google and The Times Group to our cap table. 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 empower every Indian by providing platforms to share experiences, discover new opportunities, showcase their talents and make their passion a means of livelihood," said Ankush Sachdeva, co-founder and CEO, ShareChat and Moj.
The company has built diversified monetization avenues beyond advertising in areas like virtual gifting and video commerce. Virtual gifting is witnessing an incredible adoption on the ShareChat app, with the business line already at a $50 million ARR, which is set to be more than double by year-end. In 2020, the platform launched Audio Chatrooms as a feature, with 2 billion minutes of audio streamed every month, claimed by the company in a statement.
Founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, ShareChat has several social media brands under its portfolio, such as ShareChat App, Moj and TakaTak. Currently, ShareChat is a popular social media platform that claimed to have more than 180 million monthly active users spread across the country.