Kul Bhushan · · 1 min readIndian social media firm banks $266m in series G 💰
India-based Mohalla Tech, which operates social networking platform ShareChat and short-video app Moj, has raised US$266 million in a series G round led by Alkeon Capital and joined by new and existing investors, including Temasek and Moore Strategic Ventures.
Ankush Sachdeva, CEO and co-founder of Moj and ShareChat / Photo credit: Mohalla Tech
The latest fundraise, which values the Twitter-backed firm at US$3.7 billion, is Mohalla Tech’s third round in 2021. The company has raised a total of US$913 million so far this year.
Ankush Sachdeva, Farid Ahsan, and Bhanu Singh founded Mohalla Tech in 2015.
Since its inception, the startup has raised more than US$1.7 billion in eight funding rounds.
The company plans to use the fresh capital to focus on social and live commerce services and expand its AI and machine learning team, which currently has more than 100 members spread across India, Europe, and the US.
It also aims to generate annualized earnings of US$100 million for the content creator community by the end of 2023 via its social and live commerce initiatives.
See also: Where will the new age of social media bring us?
Other investors in this round include:
- HarbourVest
- India Quotient
Editing by Collin Furtado and Arpit Nayak
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