Regional Language Social Media Platform ShareChat Raises $40 Million

Team StartupcityShareChat, an Indian home grown social media platform announced on Thursday that it has raised $40 Million in Pre-Series E funding round. With this round the company adds Dr Pawan Munjal, CEO & Chairman of Hero MotoCorp and DCM Shriram Promoters Family Office as new investors. Additionally existing investors SAIF Partners, Twitter Inc, Lighspeed Ventures and
India Quotient were also a part of the current funding round that brought ShareChat’s total funding so far to $264 Million.

The company intends to utilize the fresh capital to further the growth of its short video sharing platform, Moj that was launched earlier in July. Post the TikTok ban being ordered by the Indian government several players had introduced their short video format platforms such as MX Player’s TakaTak or Daily Hunt’s Josh.

Beating its competition, Moj claims to have amassed 80 million monthly active users who spend over 34 minutes of Moj on a daily basis. “Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, ML capabilities and helping the creator community," said Ankush Sachdeva, CEO & Cofounder, ShareChat.

Founded by Ankush in 2015, ShareChat is a content sharing platform for regional language users that has added 15 major Indian languages in its repertoire. The company reported that the platform has over 160 Million monthly active users who spend an average of 31 minutes on the app every day.