Twitter, Snapchat join $502m round of Indian social media firm

Mohalla Tech, parent of India-based social networking app ShareChat, has announced it has raised US$502 million in its latest round of funding at a valuation of US$2.1 billion.

More funding details

• Investors:  Tiger Global Management, Lightspeed, Twitter, and Snap Inc, among others.

More company updates

• ShareChat aims to grow its user base to over 1 billion monthly active users cumulatively.
• The company also claims it currently engages 160 million monthly active users who consume content in 15 Indian languages.
• Funds raised from the financing round will be used to increase the company’s user base, improve the company’s recommendation engines, and also invest in the creator community on its platform.
• The company joins Indian platforms Meesho, Groww, and PharmEasy’s parent firm API Holdings as the latest companies to enter the country’s unicorn club this week.

*Correction (July 27, 2021: 3:32PM SGT): The article earlier incorrectly mentioned ShareChat raised the funding instead of its parent firm. The story has been updated to reflect the same.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.