In per week that noticed the making of unicorns, brief video app Moj and Indic language social media platform ShareChat father or mother Mohalla Tech joined the membership with its newest fundraise of $502 million, valuing the corporate at a bit of over $2.1 billion.
The funding has been led by Lightspeed Ventures and Tiger World, together with participation from Snap Inc, Twitter and India Quotient amongst others, the agency stated in an announcement.
That is additionally the fifth Indian agency to hit the unicorn or $1 billion valuation this week. Others embody social commerce agency Meesho, on-line funding agency Groww, fintech Cred, and on-line pharmacy Pharmeasy.
“We’re at an thrilling inflection level in our journey, the place we’re going after an enormous alternative with the best staff in place and the backing of long-term buyers who’ve a deep conviction in our mission. With ShareChat & Moj, we’re well-positioned to construct the most important AI-powered content material ecosystem in India,” stated Ankush Sachdeva, CEO and Co-founder, ShareChat.
He added that the agency will use the newest fundraise to increase in India and the US, and strengthen its synthetic intelligence powered suggestion engine, platform well being and creator group.
Sachdeva additionally posted in a weblog publish in regards to the agency’s journey.
Mohalla Tech is the brainchild of Sachdeva, alongside together with his mates from IIT-Kanpur Farid Ahsan and Bhanu Singh. The three met in 2012, after they participated in a hackathon.
“We constructed 14 merchandise whereas being in school — and failed 14 occasions to get it off the bottom,” Sachdeva stated within the publish.
It was in November 2014 that they found interest-based WhatsApp teams in India. “We found that Indian customers had been hungry for locating content material in their very own language.
They had been sharing their telephone numbers publicly on FB (Fb) within the hope to get added to an interest-based native language group on WhatsApp. We tried creating/becoming a member of 10–15 such teams and noticed customers utilizing it for every kind of functions — getting information, becoming a member of celeb fan golf equipment, discovering new jokes, shayaris, devotional content material and many others.,” Sachdeva stated.
That’s how ShareChat was born in January 2015. “a easy app to seek out trending content material in Indian languages with a baked-in viral loop” and allowed a one-tap share to WhatsApp.
ShareChat presently has 160 million month-to-month lively customers, serving 15 Indian languages
Moj, which launched in July 2020, is already a reputation to reckon with within the brief video app area, helped partially by the exit of TikTok from India.
Sachdeva stated brief movies had been rising in reputation on ShareChat and on different platforms prior to now couple of years and understood that there was huge urge for food for this format.
As a number of China-based brief video apps bought banned in final yr in June, Moj was born. “We constructed the app in 30 hours. Scaled it to 120 million MAUs in 9 months,” Sachdeva stated.
The corporate expects to achieve 1 billion MAUs on each its platforms mixed.
Mohalla Tech has till now raised over $766 million throughout six fundraising rounds, enabling ShareChat to considerably develop and differentiate itself by delivering a novel, tech-led social media expertise.
“As Web penetration will increase, ShareChat’s main content material creation platform is poised to increase dramatically by bridging into on-line purchases of products and providers. Moreover, Moj is well-positioned to grab the chance offered by the expansion of brief video in India. We’re impressed with the staff’s understanding of those quickly evolving applied sciences and its skill to execute rapidly, and we’re excited to companion with them as they proceed to construct an excellent firm,” stated Scott Shleifer, Companion at Tiger World.