ShareChat closes $40 million in pre-series E to aid Moj
With the new round of funding, ShareChat’s total funding stands at $264 million.
ShareChat on Thursday announced that it had completed its pre-series E round of funding. The company said that it had raised $40 million as a part of its E-round of funding.
The company announced that its latest round of funding includes investments from Ajay Shridhar Shriram, Chairman, DCM Shriram and SAIF Partners India VI Limited. Apart from the new investors, the new round of funding also saw existing investors pumping in funds in the Indian social media company. The list includes Twitter, Lightspeed Ventures and India Quotient.
“ShareChat is on a rapid growth path and is spearheading the growth of the Indic language Indian social media landscape. Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, ML capabilities and helping the creator community,” ShareChat CEO and Co-founder Ankush Sachdevasaid on the occasion.
With the new round of funding, ShareChat's total funding stands at $264 million.
ShareChat said that the current round of funding will be utilised towards driving growth for Moj, which is the company's newly launched short video platform.
ShareChat also said that combined together, ShareChat and Moj have over 240 million monthly active users. ShareChat's platform exceeded over 160 million in the past month with the average daily time spent by users on the platform at 31 minutes. Moj, on the other hand, has garnered over 80 million MAUs with users spending on an average of about 34 minutes on the platform.