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Social networking platform ShareChat’s parent company Mohalla Tech has raised USD 300 million in a funding round led by Google, Times Group and Singapore’s Temasek Holdings, as per a Reuters report. This takes Mohalla Tech’s total valuation to USD 5 billion. The official announcement of the deal will happen sometime this week. This is Google’s second major investment in India’s short video space – the company had previously also backed Josh.
In a Series G round held in December 2021, ShareChat was able to clinch an investment of USD 266 million from Alkeon Capital and Temasek and was valued at USD 3.7 billion. Reportedly, Twitter and Snap are also among its investors.
ShareChat became a Unicorn in April 2021 when it raised USD 502 million in a Series E round led by US hedge fund Tiger Global and Lightspeed Ventures at a USD 2.1 billion valuation.
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ShareChat has 180 million monthly active users. Mohalla Tech’s other subsidiary video sharing platform Moj, along with the recently acquired MX TakaTak, has a combined user base of 300 million. The popularity of these short video apps has shot up in India, especially after the 2020 ban of Bytedance’s TikTok and other popular Chinese apps.