Sharechat parent Mohalla Tech raises $ 502mn; Now has a value of $ 2.1bn

Mohalla Tech, the parent company behind Indian social media platforms such as Moj and ShareChat, said on Thursday that it had raised $ 502 million in funding rounds led by Lightpaid Venture Partners and Tiger Global, raising the company’s value to over $ 2.1 billion. .

The funding round also saw the participation of Snap Inc., Twitter and India Quotient. The new round will be used to double the technological initiatives, support user growth and improve platform security features, the company said in a statement.

Mohalla Tech, which was founded in 2015, has so far exceeded $ 766 million in six rounds.

“We are at an exciting turning point in our journey, where we are going after the massive opportunity with the right team and supporting long-term investors who have deep faith in our mission. With ShareChat & Moj, we are well positioned to create the largest AI-driven content ecosystem in India, ”said Ankush Sachdeva, CEO and co-founder, ShareChat.

He said that with this infusion of capital, the company will continue to aggressively grow its user base, build a world-class organization in India and the US and further strengthen its manufacturer community, AI-powered recommendation engines and platform health.

Sharechat, a social networking platform that allows users to access and post content in their native language, has 160 million monthly active users. Meanwhile, Moj – the small video app launched soon after the government banned 59 Chinese applications, has more than 120 million monthly active users, according to data shared by the company.