You are here: Home » Companies » News
Business Standard

ShareChat raises $40 mn from investors including Pawan Munjal, Twitter

The other investors include DCM Shriram Promoters Family and SAIF Partners

ShareChat | Pawan Munjal | DCM Shriram Industries

Peerzada Abrar  |  Bengaluru 

The funds raised in this round will be used for driving the growth of Moj, the newly launched short video platform from the Sharechat stable.

ShareChat, India’s regional social network, has completed its pre-Series E funding round of $40 million. The investment has come from billionaire Pawan Munjal, chairman of Hero MotoCorp Ltd, the country's largest two-wheeler maker, and DCM Shriram Promoters Family Office and social media giant The other investors include SAIF Partners, Lightspeed Ventures and India Quotient. With the new round, Bengaluru-based ShareChat’s total funding now stands at $264 million.

The funds raised in this round will be used for driving the growth of Moj, the newly launched short video platform from the stable. Large parts of the fund have been earmarked for doubling down on investments made towards product development, growing its creator ecosystem and establishing partnerships with music labels.

is on a rapid growth path and is spearheading the growth of the Indic language Indian social media landscape,” said Ankush Sachdeva, CEO and co-founder, “Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, ML (machine learning) capabilities and helping the creator community,” he said.

ShareChat and Moj together have over 240 million MAUs (monthly active users) presently. ShareChat itself has 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.

ALSO READ: Covid-19 pandemic spurs matured-stage start-ups to advance their IPO plans

“The economic and demographic ecosystem of the internet universe is primed for like ShareChat and their products,” said Dr Pawan Munjal, who is investing in his personal capacity in the company, through his Family Trust. “I have immense faith in the young entrepreneurs of our country and truly believe in their aim to achieve a significant global customer base,” he said.

ShareChat has also received investment from Ajay Shridhar Shriram, chairman of DCM Shriram. He has made the investment through DCM Shriram Promoters Family Office.

“ShareChat’s growth story has not been limited to its own success, but also motivated many young Indian entrepreneurs to dream big in the internet ecosystem,” said Ajay Shridhar Shriram. “The passion and success exhibited by the company and its growth trajectory has encouraged the development of a whole new social media product ecosystem in India,” he said.

previously led ShareChat’s Series D funding round with additional backing by SAIF Partners, Lightspeed Ventures and India Quotient, the three of which have been involved with ShareChat as investors since its early days.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 24 2020. 18:58 IST