The Indian social media application ShareChat generate a huge amount of $502 million in a new funding round. The company added, the development is a consequence of the ban on Chinese applications and TikTok.
In the round lead, companies participated like Snap Inc, Twitter, Tiger Global Management, and Lightspeed.
After this, the valuation of the company surged to $2.1 billion, entering into the unicorn club from India. Recently, Meesho entered the list following PharmEasy, Groww, and Cred. Till now the Indian companies to enter the list are 9 in 2021.
The subsidiary of the parent company, Moj app experienced an upsurge in usage and downloads which amounts to 120 million. This data recorded reflects the monthly active users in a span of nine months.
This platform is also an attraction source for investment to the investors.
Last year, many such applications exited the market beginning on June 29. The company added, the situation served as a huge opportunity for the company. It emerged as an Indian company to offer feed to the users. This is the sole domestic company to launch premium quality feed for short-video content.
The company started to operate in 2015 founded by three IIT alumni Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan. The company was distinctive during the launch and now is in huge demand.
Besides, new companies with related operations launched include MX Player’s TakaTak, Chingari, Mitron TV, and more.
The ban on Chinese apps led to diverting the consumers to shift towards related Indian apps. Hence, the company gained huge popularity and users within a few months.
The company aims to enhance its complementary products and increase the monthly active users to more than 1 billion.
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