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Mohalla Tech raises $145 million led by Temasek, MSV & Mirae-Naver Asia Growth fund

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Bangalore based Mohalla Tech, the parent company of Moj and ShareChat, has raised $145 million in a Series F round extension. The investment, valued at $2.88 billion, was led by Singapore state investor Temasek and Moore Strategic Ventures (MSV), with participation from Mirae-Naver Asia Growth fund.

This is in addition to the $502 million raised in April of this year, which brought the startup into the unicorn club.

According to the official statement, the new round will be used to accelerate user growth, supplement a robust creator economy, and reenergize their efforts to build a world-class AI organisation.

“This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities. We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months," says, Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat said.

"We have been very fortunate to attract a bunch of very high quality names in our series F and the list just got longer with Temasek, MSV and Mirae-Naver joining hands with us,” he added.

Mohalla Tech, which was founded in 2015, has now raised over $911 million in seven rounds of funding. Moj, a short video platform, was launched in July 2020, shortly after ByteDance's TikTok app was banned in India.

Moj and ShareChat, which have a combined user base of 340 million, hope to create a cohesive AI-powered content ecosystem to meet India's growing digital needs.

Further adding, Sachdeva said, “With a monthly active user base of 160 million and 50+ million strong creator community, Moj has grown into India’s number one short video app in a year. To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools, and helping our creators monetise on the platform.”

James McIntyre, Senior Managing Director and COO at MSV commented “We are excited to partner with Moj as they build India’s premier short form video platform, and have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike.”