Homegrown social network platform and short-video content app Moj’s parent, ShareChat, has raised $266 million as part of its Series G round at a valuation of $3.7 billion. The investment was led by Alkeon Capital with participation from new and existing investors including Temasek, Moore Strategic Ventures (MSV), Harbourvest and India Quotient. This is the third round of funding for the startup in 2021. The startup aims to build its social and live commerce capabilities to reach an annualised $100 million creator earnings by 2023.
The latest round of funding according to an official statement, will help build deep capabilities on priority areas such as social and live commerce, growing its AI/ML team which is now over a 100 people strong and spread across the US, Europe and India. With these highly experienced hires, Mohalla Tech has today one of India’s largest AI/ML teams working on building a cutting-edge recommendation engine, the startup said.
Since Jan 2021, the company has grown to over 2,000 employees and added several new features as it focuses on building its products to be the leader in the Indian short video and social media space, it added.
“Moj and ShareChat have been growing at an explosive pace. Both our products have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position and help us deliver immersive social experiences to our community,” Ankush Sachdeva, CEO & co-founder, Moj and ShareChat, said.
Founded in 2015, Mohalla Tech has now raised over US $1.177 billion across eight fundraising rounds with $913 million raised this year itself. Moj claims that the average user time spent on the platform is 34 minutes every day, scoring over 4.5 billion views daily.
“By leveraging multiple apps, a best-in-class AI recommendation engine, and local language content, ShareChat is building the leading social media platform in India. In one of the fastest-growing and most dynamic internet markets in the world – with an estimated 600M+ (mostly mobile) internet users – Sharechat is already entrenched as the largest and most engaging social and digital media platform. We are excited to partner with and support Sharechat’s best-in-class management team as they pursue their robust product roadmap and build on their ambitious vision,” Deepak Ravichandran, General Partner at Alkeon Capital said.
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