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Sharechat bags $35-$40 million from its existing investors

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Team StartupcityIn a bid to launch a new short video app, Sharechat, a regional language social media platform secures a funding of $35-$40 million. The funding is secured from its existing investors in a bridge round. According to reports, the company looks to replace TikTok with its new short video app Moj.

Earlier this month, the company was is in talks with investors to raise upto $200 million. The development came soon after the Indian government
banned 59 Chinese apps, including popular apps TikTok and Helo.

ShareChat's investors include Lightspeed Venture
Partners, Saif Partners, Twitter, TrustBridge Partners, India Quotient and Shunwei Capital. After TikTok's ban, about a dozen short video apps have come up in the market vying to replace the popular app, which had 200 million registered users in India.

The company's investors include Lightspeed Venture Partners, Saif Partners, Twitter, TrustBridge Partners, India Quotient and Shunwei Capital. After TikTok's ban, about a dozen short video apps have come up in the market vying to replace the popular app, which had 200 million registered users in India.

However, the competition is expected to be intense and expensive with all of them needing millions of dollars to build a strong technology backbone, hire talent, sign up creators and win music deals. TikTok had pumped millions of dollars in India.