ShareChat closes $40 million in Pre-Series E to aid Moj’s growth

ShareChat, a Bengaluru-based social media company, said it raised $40 million in Pre-Series E round.

It said the new round of funding had significant investment from Dr. Pawan Munjal, DCM Shriram Promoters Family Office, SAIF Partners, Twitter, Lightspeed Ventures and India Quotient.

This current round of funding will be utilised towards driving growth for Moj, the newly launched short video platform, it added.

ShareChat said 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.

“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 capabilities and helping the creator community,” said Ankush Sachdeva, CEO & Cofounder, ShareChat.

ShareChat said its flagship regional language social media platform and newly launched Moj together have over 240 million MAUs presently.

ShareChat said the main app has exceeded over 160 million MAUs (monthly active users) in the past month with the average daily time spent by users on the platform at 31 minutes, and Moj has garnered over 80 million MAUs with users spending on an average about 34 minutes on the platform.

Twitter 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.

With the new round, ShareChat’s total funding now stands at $264 million, it said.

ShareChat closes $40 million in Pre-Series E to aid Moj’s growth ShareChat closes $40 million in Pre-Series E to aid Moj’s growth Reviewed by TechCO on 9/24/2020 Rating: 5

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