More

    Google invests $300 million in India’s ShareChat, valuing the company at $5 billion

    According to two persons familiar with the sale discussions, the parent company of India’s ShareChat has raised almost $300 million in new capital from Alphabet Inc’s Google, media behemoth Times Group, and Singapore’s Temasek Holdings, valuing the social media platform at nearly $5 billion. According to the sources, a deal might be revealed as soon as next week.

    Mohalla Tech, ShareChat’s parent business, did not respond to a request for comment. Requests for comment from Google and Temasek were not immediately returned, and Reuters was unable to contact the Times Group.

    Google invests $300 million in India's ShareChat, valuing the company at $5 billion
    credits – flipboard.com

    Second Investment of Google

    After backing Josh, which competes with ShareChat’s sister company Moj, this is Google’s second major investment in India’s short video industry. According to one of the individuals, Google’s investment in a bearish market for Indian start-ups demonstrates the desire for the short video industry as well as the start-investment up’s thesis.

    India’s digital firms have been struggling to raise funding, after raising a record $35 billion in new funds in 2021, as corporate governance worries loom large for investors facing increased market volatility.

    Google invests $300 million in India's ShareChat, valuing the company at $5 billion
    credits – timesofindia.indiatimes.com

    ShareChat and Others

    Following a border battle with China in 2020, India banned ByteDance’s TikTok and certain other Chinese applications, resulting in the rise of short video apps like Moj and Josh. ShareChat has 180 million monthly active users at the moment. According to one of the sources, Moj and Mohalla’s newly purchased MX TakaTak has a combined user base of 300 million.

    In a $266 million fundraising round led by Alkeon Capital and Temasek, ShareChat was last valued at $3.7 billion. Twitter and Snap are also investors in the company. If Tesla CEO Elon Musk’s proposal to buy Twitter is successful, Musk may have a stake in ShareChat of between 6% and 8%, according to the source.

    Read: Drones are being used by Jio for tower surveillance and maintenance ahead of the 5G deployment

    Get in Touch

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest Posts

    Adblocker detected! Please consider reading this notice.

    We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

    We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

    We need money to operate the site, and almost all of it comes from our online advertising.

    Please add tech2sports.com to your ad blocking whitelist or disable your adblocking software.

    ×