The current round of funding will be utilised to drive growth for the company's newly launched video platform Moj
Homegrown content sharing platform ShareChat has announced a $40 million fund raise in a Pre-Series E round from Pawan Munjal, the Chief Executive and Chairman of Hero MotoCorp, and Ajay Shridhar Shriram, Chairman of DCM Shriram. Both Munjal and Sriram have invested through their family trust and offices.
Existing investors such as Twitter, SAIF Partners, Lightspeed Ventures and India Quotient also participated in this round.
The current round of funding will be utilised to drive growth for the company's newly launched video platform Moj. Large parts of the fund have also been earmarked for doubling down on investments made towards product development, growing its creator ecosystem and establishing partnerships with music labels.
"Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest in our product development, machine learning (ML) capabilities and helping the creator community," Ankush Sachdeva, CEO and co-founder, ShareChat, said.
ShareChat and Moj together claim to having over 240 million monthly active users (MAUs) currently.
It claims to have exceeded over 160 million MAUs in the past month, with the average daily time spent by users on the platform at 31 minutes. Moj has garnered over 80 million MAUs, with users spending on an average about 34 minutes on the platform.
In April last year, Twitter led ShareChat’s Series D funding round along with SAIF Partners, Lightspeed Ventures and India Quotient. The trio have also been involved with ShareChat as investors since its early days. According to people close to the company, it was a challenging round -- taking more time than expected, and at a flat valuation.
However, after the ban of Chinese apps in India, homegrown apps witnessed sudden growth. ShareChat, for instance, recorded over 15 million downloads in just 36 hours of the app ban.
With the new round, ShareChat’s total funding now stands at $264 million.