At least six start-ups joined the unicorn club, reaching a valuation of over $ 1 billion in the first week of April. On Thursday, Mohalla became the latest to earn the title – the parent company behind social media platforms such as Tech-Moj and ShareChat, and Gupshup — a smart-messaging platform provider. Other start-ups of the club include investment platform Groww, PharmEasy’s parent firm API Holdings, social e-commerce firm Meesho and credit card payment platform CRED.
Mohalla Tech on Thursday announced raising $ 502 million in a funding round led by Lightpaid Venture Partners and Tiger Global. 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.
Meanwhile, Guptup first announced raising $ 100 million from Tiger Global after ten years of raising funds. The investment assumes $ 1.4 billion in clandestine and will be ‘second close with significant additional funds raised from more investors to be announced later.’
Gupshup said it would use this investment for fast-growing product and go-to-market initiatives around the world to accelerate the transformation of business-to-consumer interaction with interactive experiences delivered on messaging channels.
The Gupshup company said it had grown rapidly over the years, exiting 2020 with an annual revenue rate of about $ 150 million. “The mission of GroupShop is to build tools that help businesses better engage customers through mobile messaging and interactive experiences,” said Beerup Sheth, co-founder and CEO of GroupShop.
Sharechat, CEO and co-founder, Ankush Sachdeva, said that with the infusion of capital, the company will continue to aggressively grow its user base, build a world-class organization in India and the US and build its manufacturer community, AI-driven Will make it stronger. Recommendation engine 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 – a short video app launched soon after the government banned 59 Chinese applications, which has more than 120 million monthly active users, according to data shared by the C company.
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