In this internet-driven world, social media has become an essential element to socialise for today’s populace. In 2018, the count of social media users in India was 326.1 million and is expected to rise to 448 million by 2013, according to the database company, Statista.
The surge in social media users is not merely spurred by big social media platforms but also by regional social networking applications, as well as platforms, which binds people together. One such social networking platform is ShareChat, which is expanding its footprint in India. Bengaluru-based platform has recently gathered INR 718 crore in an equity financing round, which is led by Twitter and PE firm, TrustBridge Partners, as reported by the daily news, The Economic Times.
According to the cited media report, the two new investors are reckoned to have concertedly infused $70-$80 million in ShareChat.
Other investors, which have partaken in ShareChat’s PE round, are Lightspeed Venture Partners, India Quotient, Shunwei Capital, SAIF Capital, and Morningside Venture Capital.
Expanding Its Footprint
With the current funding round, the valuation of ShareChat has incremented to $650 million, according to the daily news, Tech Crunch. The social networking platform will utilise garnered capital to fortify its technology infrastructure as the company plans to scale its business.
“Twitter and ShareChat are aligned on the broader purpose of serving the public conversation, helping the world learn faster and solve common challenges. This investment will help ShareChat grow and provide the company’s management team access to Twitter’s executives as thought partners,” MD of Twitter India, Manish Maheshwari said in a statement.
Currently, the social networking app, ShareChat has a user base of nearly 60 million. The app enables users to converse in 15 regional languages. The English language is not presently supported by the platform.
Following Series D round, ShareChat decides to offer more incentives and tools to increase user engagement on the platform, as reported by the daily news, Tech Crunch.
According to the cited media report, ShareChat will employ new technology and hire more talents for the platform. Further, Ankush Sachdeva, Co-founder, and CEO of ShareChat told the daily news that the company is planning to initiate a bureau in San-Francisco and will employ local engineers there.
At present, ShareChat is one of the largest social networking apps in India. The platform, which is administered by Mohalla Tech Pvt. Ltd was established in 2015 by Co-founders--Ankush Sachdeva, Bhanu Singh, and Farid Ahsan. It permits users to present their opinions, confer with other users and befriend new people. Reciprocation, on the app, takes place within native languages only.
The concept of using native languages has worked for ShareChat as the application has gained recognition owing to the vernacular content it provides. With current funding, the platform will boost its growth and add more users to its base.