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This article is more than 1 month old.

Sharechat's parent company Mohalla Tech raises $266 million, valued at $3.7 billion

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Mohalla Tech has now raised over $1.177 billion across eight fundraising rounds. 

Sharechat's parent company Mohalla Tech raises $266 million, valued at $3.7 billion
Mohalla Tech, the parent company behind Moj and ShareChat, has raised $266 million as part of its Series G round. At a valuation of $ 3.7 billion, the investment has been led by Alkeon Capital with participation from new and existing investors including Temasek, Moore Strategic Ventures (MSV), Harbourvest and India Quotient.
This is the third round of funding for the startup in 2021, which has cumulatively raised $913 million this year. The company is expected to raise the second tranche of this round in a few months, with the valuation expected to cross $5 billion, as per sources.
The company said the funding will help it build deep capabilities on priority areas such as social and live commerce, growing its AI/ML team which is now over a 100 people strong. Since January 2021, the company has grown to over 2000 employees.
With social and live commerce initiatives, the company hopes to reach a target of $ 100 million annualized creator earnings by the end of 2023.
Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat said, “Moj and ShareChat have been growing at an explosive pace. Both our products have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position and help us deliver immersive social experiences to our community.”
Deepak Ravichandran, General Partner at Alkeon Capital said, “By leveraging multiple apps, a best-in-class AI recommendation engine, and local language content, ShareChat is building the leading social media platform in India. In one of the fastest-growing and most dynamic internet markets in the world – with an estimated 600 million+ (mostly mobile) internet users – Sharechat is already entrenched as the largest and most engaging social and digital media platform. We are excited to partner with and support Sharechat’s best-in-class management team as they pursue their robust product roadmap and build on their ambitious vision.”
Founded in 2015, Mohalla Tech has now raised over $1.177 billion across eight fundraising rounds. Moj and ShareChat together have a 34 crore-strong user community, the company said.
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