ShareChat Likely to Gain Google as a Backer with Impending Series E Funding Round
According to reports, Bangalore based social media startup ShareChat is all set to raise mullah from bigwigs such as Google, Snap Inc (SnapChat’s maker) and Twitter. As reported by a media outlet, the social media firm is gearing up towards conducting Series E financing round worth over $200 million from Google, Snapchat along with its existing investors. The upcoming fun raise is being said to increase the startup’s valuation to more than $1 billion, catapulting it into the Unicorn club.
Founded in 2015, ShareChat has so far raised $264 million and is currently valued at $700 million. The firm’s last funding round was conducted in September where ShareChat raised $40 million in pre Series E funding.
Tech giant Google has been consistently investing in the social media startups; the company had backed Dailyhunt and Glance last year. The company is set to invest over $100 million in ShareChat alone in the upcoming fund raise.
With the Indian government banning TikTok, the market for short form video applications has opened up. We have seen the entry of various players such as Moj, Takatak and Josh as they gained more and more audience. ShareChat plays in the same market; according to reports, the ShareChat application had exceeded over 160 million MAUs in September. The average time spent by users everyday increased from 24 minutes pre-lockdown to 31 minutes post lockdown. The application saw video consumption of over 700 million hours during the year, with 30,000 hours of videos were uploaded on ShareChat everyday.