The parent company of India’s ShareChat has upraised nearly $300 million in fresh funding from Alphabet’s Google, media giant Times Group and Singapore’s Temasek Properties.
Valuing the social media firm at nearly $5 billion, two sources involved in the deal deliberations told Reuters.
A contract is set to be publicized as early as next week, the sources added.
ShareChat’s parent company, Mohalla Tech, did not reply to a request for comment.
Google and Temasek did not instantaneously respond to requests for comment, while Reuters could not directly reach the Times Group.
This is Google’s second key investment in India’s short video space, having formerly backed Josh, which races with ShareChat’s sister firm Moj.
Google’s investment in a bearish market for Indian start-ups shows the enthusiasm for the short video sector.
And the start-up’s investment thesis, one of the sources said.
India’s tech startups, which elevated a record $35 billion in new funds in 2021.
Struggling to raise funds as commercial governance concerns loom large for investors facing a new improbability in global markets.
Short video apps like Moj and Josh shot up in acceptance after India in 2020 banned ByteDance’s.
TikTok and some other Chinese apps following a border clash with China.
ShareChat presently has 180 million monthly active users. Moj, along with Mohalla’s.
Recently attained MX TakaTak, has a joined user base of 300 million, according to one of the sources.
ShareChat was last valued at $3.7 billion in a $266 million funding round from shareholders including Alkeon Capital and Temasek.
The firm also counts Twitter and Snap among its investors.
If the bid by Tesla CEO Elon Musk to buy Twitter goes over and done with, Musk will have hypothetically a stake of between 6% and 8% in ShareChat, the source added.