Mohalla Tech, the parent company of India's short video sharing platform ShareChat, has secured $300 million in fresh funding from Alphabet Inc's Google, Times Group and Singapore's Temasek Holdings.
The latest funding has raised the valuation of the social media firm at nearly $5 billion, according to various media sources.
The latest investment marks Google’s plan to dominate India’s video-sharing market, having previously backed another video sharing platform called Josh, which also.competes with ShareChat's sister firm Moj.
In December 2020, Josh’s parent firm VerSe Innovation announced $100 Million funding from Google and Twitter; the funding was secured months after the Chinese apps were banned in India following the Indo-China border clash.
Latest funding would be invested to accelerate the growth of the company and investing in additional workforce to sustain new clienteles.
ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek. The start-up also counts Twitter and Snap among its investors. ShareChat currently has 180 million monthly active users. Moj, along with Mohalla's recently acquired MX TakaTak, has a combined user base of 300 million.