ShareChat is India's largest regional social network that claims 60 million monthly active users.
Business
Standard : ShareChat, a regional social media platform, on
Friday announced that it had raised a new round of funding of $100
million in its Series-D funding, where Twitter and TrustBridge
Partners are two new investors.
To
date, ShareChat
has raised $224 million. Existing investors participating in this
round include Shunwei Capital, Lightspeed Venture Partners, SAIF
Capital, India Quotient and Morningside Venture Capital.
This
new round of funding will help ShareChat strengthen the technology
infrastructure for its platform as the company looks to scale its
business. Additionally, ShareChat will acquire talent to help propel
the exchange of ideas among its strategic partners. To accelerate the
internet ecosystem in India, the company will also be introducing
more features to make the experience seamless across devices.
“This
is a very exciting time for us at ShareChat as we see our platform
growing rapidly. With this new round of funding, we are positioned to
take the next leap in our growth story. As we scale up, our focus
remains to help the ShareChat community better express themselves in
the comfort of their native language,” Ankush Sachdeva, CEO,
ShareChat said.
Manish
Maheshwari, Managing Director of Twitter India said that Twitter
and ShareChat are aligned on the broader purpose of serving the
public conversation, helping the world learn faster and solve common
challenges. This investment will help ShareChat grow and provide the
company’s management team access to Twitter’s executives as
thought partners, he added.
“Lightspeed
is excited to continue to support ShareChat in every financing round
– Series A through the current Series D, and beyond. We feel the
company has a special opportunity to consolidate its position as the
defining media platform to engage India’s diverse, multicultural
and multilingual population,” Ravi Mhatre, Founder & Managing
Director, Lightspeed Venture Partner said,.
Tuck
Lye Koh, Founding Partner and CEO, Shunwei Capital said, “We are
excited to see users creating a lively community with diverse
vernacular content on ShareChat. The diversity and depth of user
generated content has enhanced the stickiness of the product, and
will contribute great business value to ShareChat as a platform. We
look forward to the next stage in ShareChat’s evolution.”
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