ShareChat raises $300 million, Google backs funding

ShareChat has raised nearly $300 million in a fresh funding round and has got marquee backers ranging from Alphabet Inc's Google, media giant Times Group and Singapore's Temasek Holdings. Following the funding, the valuation the parent company, Mohalla Tech valued nearly $5 billion.

According to reports, ShareChat currently has 180 million monthly active users. Moj, along with Mohalla's recently acquired MX TakaTak, has a combined user base of 300 million.

ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek.

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This is Google's second key investment in India's short video space, having previously backed Josh, which competes with ShareChat's sister firm Moj.

Evolution of Short-Video Industry

Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.

The market is predicted to grow to 650 million users by 2025, according to a new report by Bain & Company.