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.