ShareChat raises $100mn in new round of funding, gets Twitter on board as investor
ShareChat, which is among the largest vernacular social media app in India with 60 million monthly active users, has raised $100 million in Series D funding with Twitter joining the funding round. ShareChat was launched in India in 2015 and the service is offered in over 14 Indian languages.
“Twitter and ShareChat are aligned on the broader purpose of serving the public conversation, helping the world learn faster and solve common challenges. This investment will help ShareChat grow and provide the company’s management team access to Twitter’s executives as thought partners,” Manish Maheshwari, Managing Director, Twitter India said in a press release.
ShareChat has raised a total of $224 million. Among the investors are Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient, Morningside Venture Capital, Twitter, and TrustBridge Partners. The company said that it will introduce new features soon to make the service more seamless across devices.
ShareChat app is available for Android on Google Play Store and for iOS on App Store respectively. It is mainly a user-generated content (UGC) based platform, which relies on machine learning algorithm to decide what is shown on top of the user’s content feed. Users have the option to like as well as share posts across other social media platforms such as WhatsApp, Facebook, etc.
ShareChat CBO, Sunil Kamath had told indianexpress.com last year in August that the strength of ShareChat really lies in the fact that it is being offered in 14 Indian languages, and English is not an option.
“In India, there are more of English social media platforms trying to adapt to the country. When we think of social media and Indian users, we think very differently. The amount of understanding that we have of people across states is immense and that we can replicate to our product,” Kamath explained.
“This is a very exciting time for us at ShareChat as we see our platform growing rapidly. With this new round of funding, we are positioned to take the next leap in our growth story. As we scale up, our focus remains to help the ShareChat community better express themselves in the comfort of their native language,” Ankush Sachdeva, CEO, ShareChat said.