your password has been reset successfully, Please login again.

Social networking startup ShareChat raises $18.2 million from Xiaomi, Shun Wei Capital

Social networking startup ShareChat raises $18.2 million from Xiaomi, Shun Wei Capital is series B funding round.
BY BEx Bureau
BusinessEx
Jan 20, 2018

In India, the social media platforms are gaining attraction as time passes by and it is expected that by 2019 it will be around 260 million as compared to 170 million in 2016. This is a good investment opportunity which Xiaomi and Shun Wei Capital recognised and made an investment of $18.2 million in Indias social media platform ShareChat in Series B round.

In 2015, the Bengaluru-based social networking platform was launched by Ankush Sachdeva,Bhanu Singh,and Farid Ahsan. Startup existing investors like SAIF Partners, Lightspeed Partners, India Quotient and Venture Highway also took part in the funding round. The startup plans to use the raised funding to improve its technology by majorly focusing on machine learning and artificial intelligence.

Sachdeva said, Vernacular content consumption in India has witnessed a meteoric rise in the last 2 years growing from42 million in 2011 to 234 million in 2016. These numbers are a great indication of the huge opportunity available for products, focused on the vernacular audience.

He added, Therefore, to capitalise on this, we aim to use innovative technology in order to optimise social media content for this new set of Indian users.

The startup has more than 8 million users and ensures that everyone can access its services like sharing videos, GIFs, songs and images in different languages like Hindi, Telugu, Punjabi, Gujarati, Marathi, and Malayalam.

The startup has also raised funding of $4 million is Series A funding round from Lightspeed Ventures Partners India and others in 2016.

Please add your Comment
SIMILAR News
August 06, 2018
Nearby Technologies allows lakhs of retailers and merchants to offer bill payment service to their c ...More
By Shah Mohsin
August 06, 2018
The lender will deploy the funds to expand its presence across its already established markets as we ...More
By Shah Mohsin
August 04, 2018
The fresh funds will be used to accelerate product development, reach more customers and for client ...More
By Shah Mohsin
August 03, 2018
Presently, Goibibo comes with features like seat and meal selection, auto check-in and hotel reviews ...More
By Shah Mohsin
August 03, 2018
Ziffy Technologies run ZiffyHomes is functional only in Delhi-NCR and is looking to venture to other ...More
By Shah Mohsin
August 03, 2018
The startup will use the funds to ramp up its bandwidth capabilities. ...More
By Shah Mohsin
August 02, 2018
The company sold 50,000 cases across rum and brandy in FY18 and is looking to sell over 2 lakh cases ...More
By Shah Mohsin
August 02, 2018
The 50-member startup, offers two flagship products a chatbot for sales and support, and a business ...More
By Shah Mohsin
August 01, 2018
The Rs 300 crore new pump in of the funds marks the maiden NCD transaction with mutual funds with Le ...More
By Shah Mohsin
July 31, 2018
The announcement comes a month after Five Star had received investment offers from two PE firms incl ...More
By Shah Mohsin
July 31, 2018
The software supports eight regional languages, works offline and has a light SDK (software develope ...More
By Shah Mohsin
July 31, 2018
The Mumbai-based firm said it will consume the raised capital fortify its existing product portfolio ...More
By Shah Mohsin