ShareChat Raises USD 16 Mn Debt Funding from EDBI for Growth and Innovation and Reduces Workforce by 5% The recently obtained capital will be deployed to improve the company's advertising technology stack and grow its customer transactions business, which will involve investing in further creator ecosystem monetisation capabilities.
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Social media platform ShareChat has secured USD 16 million in its latest debt round, led by Singapore-based EDBI.
The recently obtained capital will be deployed to improve the company's advertising technology stack and grow its customer transactions business, which will involve investing in further creator ecosystem monetisation capabilities.
Despite the positive development, ShareChat has recently undergone a workforce reduction, laying off about 5% of its employees, or approximately 30–40 staff members, following a bi-annual performance review, according to Moneycontrol reports.
"The fact that ShareChat could attract new investment from a sovereign fund like EDBI is a significant positive sign. Attracting new investors of this calibre in today's cautious private investment environment reflects that the market is taking note of the company's progress towards building a profitable business," a company spokesperson said.
This new investment comes after a substantial USD 49 million debt round in April, funded by existing investors including Temasek, Lightspeed, HarbourVest, Moore Strategic, Rimco, and Alkeon.
Founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan, ShareChat has grown to serve over 325 million monthly active users.
The company operates the ShareChat app and the video app Moj, the latter boasting over 180 million monthly users. The platform supports content in over 15 languages and works with more than 200 advertisers, including major brands like HUL, Maruti, P&G, Hero, and Samsung.
ShareChat's backers include notable investors such as Temasek Holdings, Google, The Times Group, Alkeon Capital, and Tiger Global, reflecting strong confidence in its business model and future prospects.
