Sharechat parent Mohalla Tech raises $145 million in a Series F round

ISN Webteam
27 Jul 2021
Sharechat parent Mohalla Tech raises $145 million in a Series F round

Mohalla Tech, the parent company of the short video app Moj and the social media platform ShareChat, has raised $145 million in a Series F funding round extension.

Temasek, Moore Strategic Ventures (MSV), and Mirae-Naver Asia Growth Fund established jointly by Mirae Asset and South Korean web portal Naver Corp, led the round.

With this round, ShareChat's valuation jumps to $2.88 billion. In its $502 million raised round in April 2021, the company was valued at $2.1 billion. Mohalla Tech has raised $911 million in seven funding rounds to date.

The funds will be used to bolster the company's efforts to build a world-class AI feed, attract and incentivize a diverse creator base, and improve platform health and safety. Senior executives in the AI/ML space have also been hired in the United Kingdom and the United States. Mohalla is still looking for more senior talent, according to the company.

Speaking on the development, CEO and co-founder of Moj and ShareChat Ankush Sachdeva said, “This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities. We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months.”

Sachdeva also stated that the company has a monthly active user base of 160 million people and a creator community of over 50 million people.

“To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools, and helping our creators monetize on the platform,” he added.

Mohalla Tech, which was founded in 2015, has now raised over $911 million in seven rounds of funding.

Mohalla Tech has raised over $911 million in seven rounds of funding, allowing Moj and ShareChat to expand. Moj, a short video app, receives over 4.5 billion views per day, with an average user time of 34 minutes.

Within a year of its launch, Moj, Sharechat's newest offering, claims to have accumulated over 160 million monthly active users and 50 million creators. Moj, like ShareChat, supports regional languages such as Hindi, Punjabi, Marathi, Bengali, and others.

ShareChat, an Indian language social media platform, has a daily user time of 31 minutes. They have a combined user base of 340 million.

“We are excited to partner with Moj as they build India’s premier short-form video platform, and have been impressed by this management team’s speed and agility in capturing the opportunity,” said James McIntyre, Senior Managing Director, and COO at MSV.

Also Read:

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.