Home-grown social media firm Mohalla Tech, which owns ShareChat platform, on Sunday said it has raised Rs 134 crore, or USD 16 million, through debt bonds from Singapore-based investment firm EDBI. With this fresh fundraise the company has expanded its ongoing convertible debentures round to USD 65 million. "ShareChat expands its convertible debentures round to USD 65 million, as Singapore-based EDBI joins the round," the company said in a statement. In April this year, ShareChat raised USD 49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest, amongst others. The company has also retrenched 5 per cent of its staff after mid-year performance review of the employees. When contacted, the company spokesperson said ShareChat launched its mid-year performance cycle and as a usual practice, some employees are impacted on the basis of performance. "This accounts for less than 5
The additional funds will be invested in company's advertising tech stack
The new funds will be utilized to bolster the company's robust monetisation plans and propel it on its path to break-even and beyond, said Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj
Homegrown social media company ShareChat on Monday announced it has raised USD 49 million (about Rs 407 crore) by way of convertible debentures from existing investors Lightspeed, Temasek and Alkeon Capital, among others. The capital raise will help the company invest further in its ad targeting technology as well as in continuing the growth of consumer transactions business on ShareChat Live and Moj Live, according to a release. "ShareChat (Mohalla Tech Pvt Ltd)...today announced the closure of its USD 49 million funding round via convertible debentures led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others," the release said. ShareChat app is already operationally profitable, and short video app Moj is expected to achieve operational profitability over the next few months, it said. As the company marches towards profitability, it announced an organisation-wide ESOP bonus programme that will double the ESOP ownershi
The director of machine learning at social media platforms ShareChat and Moj says consumers and companies will adapt to such misinformation
This is the second such move this year for the Indian regional social network
Company sacked 20% of its workforce in January, impacting around 500 employees
Customer sentiment is significantly higher than last year when 19% of Indians said they would spend over Rs 10,000
This move coincides with news of the government's preparation of the Digital India Bill (DIB) which aims to supersede the Information Technology Act, 2000
This comes a week after Mohalla Tech Pvt Ltd, the parent company of homegrown video-sharing platforms ShareChat and Moj, laid off 20 per cent of its workforce, comprising around 500 employees
This comes amid the current funding crunch in the Indian start-up ecosystem
Rebel Foods, which has brands like Behrouz Biryani and Oven Story, has also reportedly cut its headcount
Indian startups raised $24 billion last year, a third lesser than in 2021, according to Venture Intelligence
As companies seek to impress people in all parts of the country, there is a demand for expertise in local dialogue
The short-form video market can provide the country with a monetisation opportunity worth $19 billion by 2030, according to a report by management consulting firm RedSeer
Social media company raises $255 mn from Google, Times Group and existing investors
ShareChat (Mohalla Tech) in a statement said it has closed multi-tranche funding round through which it raised a total of USD 520 million and reached USD 5 billion in valuation.
A BS analysis shows no Indian app has been able to garner as many unique visitors as TikTok did before it was banned
ShareChat counts Twitter and Snap as investors and if the bid by Tesla CEO Elon Musk to buy Twitter goes through, Musk will have potentially a stake of between 6% and 8% in ShareChat
The parent company behind short-video platform Moj and regional social network ShareChat, is in the process of raising about $300 million in fresh funding from Alphabet Inc's Google and Singapore's Te