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<keyword id="8276508" type="UNKNOWN" weightage="20" keywordseo="Mohalla-Tech">Mohalla Tech</keyword>, the parent company of short video app <keyword id="8678883" type="UNKNOWN" weightage="20" keywordseo="moj">Moj</keyword> and social media platform <keyword id="3358959" type="PERSON" weightage="20" keywordseo="ShareChat">ShareChat</keyword>, has raised $145 million as an extension of its Series F funding round. The round was led by Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund, jointly set up by Mirae Asset and South Korean web portal Naver Corp. ShareChat’s valuation has grown to $2.88 billion with this round. The company was valued at $2.1 billion in its $502 million round raised in April 2021. Mohalla Tech has raised $911 million to date across seven funding rounds. The capital will help the company double down its strategic priorities such as building a personalised feed on its platform, attracting and incentivising content creators as well as amplifying the safety on the platform. Over the last couple of months, ShareChat has hired senior executives in the artificial intelligence (AI) and machine learning (ML) spaces in the UK and the US. A part of the funding will also be invested in aggressively looking for more senior talent in this space, the company said. “This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities,” Ankush Sachdeva, chief executive and co-founder of Mohalla Tech said. Moj, Sharechat’s <a href="https://www.businessinsider.in/business/startups/news/sharechat-moj-will-air-exclusive-content-from-bigg-boss/articleshow/79425405.cms">youngest offering</a> launched in June last year, claims to have garnered over 160 million monthly active users and 50 million creators within a year of its launch. Like ShareChat, Moj is available in regional languages like Hindi, Punjabi, Marathi, Bengali and more. The company will continue to strengthen its leadership position and invest in its artificial intelligence (AI) capabilities, building advanced editing tools and helping creators monetize the platform, Sachdeva said. Meanwhile, ShareChat has 180 million monthly active users. The company claims that an average user spends about 31 minutes on the platform. It has over 340 million user base in total. SEE ALSO <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms" data-type="tilCustomLink">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/business/corporates/news/lok-sabha-mp-mahua-moitra-says-delisting-of-adani-power-need-to-be-looked-into/articleshow/84752594.cms">Adani Group in spotlight again — Lok Sabha MP Mahua Moitra says delisting of Adani Power needs to be ‘looked into’</a> <a href="https://www.businessinsider.in/thelife/news/tesla-shrugs-off-the-global-chip-shortage-to-post-its-most-profitable-quarter-yet/articleshow/84777571.cms">Tesla shrugs off the global chip shortage to post its most profitable quarter yet</a>

Sharechat is now valued at $2.88 billion, with a $145 million fundraise

<keyword id="8276508" type="General" weightage="20" keywordseo="mohalla-tech" source="Orion">Mohalla Tech</keyword>, the parent company of homegrown social media apps <keyword id="8678883" type="General" weightage="20" keywordseo="moj" source="Orion">Moj</keyword> and <keyword id="3358959" type="General" weightage="20" keywordseo="sharechat" source="Orion">ShareChat</keyword>, on Thursday raised $266 million as part of its Series G round, at a valuation of $3.7 billion. This is Mohalla Tech's third round of funding in 2021, with $913 million cumulatively raised this year. With social and live commerce initiatives, the company hopes to reach a target of $100 million annualised creator earnings by the end of 2023. "Both our products (Moj and ShareChat) 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," said Ankush Sachdeva, CEO and Co-founder, Moj and ShareChat. The fresh investment was led by Alkeon Capital with participation from new and existing investors including Temasek, Moore Strategic Ventures (MSV), Harbourvest and India Quotient. The funding, said the company, will help 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 and spread across the US, Europe and India. Since January, the company has grown to over 2,000 employees and added several new features as it focuses on building its products to be the leader in the Indian short video and social media space. "In one of the fastest-growing and most dynamic internet markets in the world" with an estimated over 600 million (mostly mobile) internet users "ShareChat is already entrenched as the largest and most engaging social and digital media platform," said Deepak Ravichandran, General Partner at Alkeon Capital. Founded in 2015, Mohalla Tech has now raised over $1.177 billion across eight fundraising rounds. Moj has an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily. ShareChat is positioned uniquely with an average user time spent of 31 minutes daily. Moj and ShareChat together have a 340 million-strong user community, according to the company. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ola-raises-half-a-billion-dollars-in-debt-to-fuel-its-food-delivery-and-quick-commerce-dream/articleshow/88314624.cms" data-type="tilCustomLink">Ola raises half a billion dollars in debt to fuel its food delivery and quick commerce dream</a> <a href="https://www.businessinsider.in/stock-market/news/supriya-lifescience-ipo-analysts-bet-to-subscribe-on-its-diversified-product-portfolio/articleshow/88314011.cms" data-type="tilCustomLink">Analysts suggest subscribing to this pharma company IPO on discounted valuation and strong product portfolio than peers</a> <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms" data-type="tilCustomLink">Analysts suggest subscribing to this pharma company IPO on discounted valuation and strong product portfolio than peers</a>

ShareChat's valuation increases by a billion with a fresh $266 million funding round

<ul><li>With the latest investment, the startup’s valuation has gone up to $2.1 billion.</li><li>Earlier, there were talks that Google would also be betting on the social media platform.</li><li><keyword id="3358959" type="PERSON" weightage="20" keywordseo="ShareChat">Sharechat</keyword>’s new funding will be used for its short video platform <keyword id="8678883" type="UNKNOWN" weightage="20" keywordseo="moj">Moj</keyword>, which it had launched in July last year right after TikTok’s ban in India.</li></ul>Indian social media platform ShareChat has raised $502 million from Tiger Global Management and LightSpeed Ventures, while Snap Inc, Twitter and India Quotient, too, participated in the round. With the latest investment, the startup’s valuation has gone up to $2.1 billion. The investment makes ShareChat the fifth Indian tech-startup to be valued by investors at a billion dollars this week and the 9th unicorn of 2021. The regional language social media platform’s new funding round will be used for its short video platform Moj, which it had launched in July last year, right after Chinese short video app TikTok’s ban in India. Currently, ShareChat claims to have over 160 million monthly users while Moj claims to have 120 million monthly active users. “Moj is well-positioned to seize the opportunity presented by the growth of short video in India. We are impressed with the team’s understanding of these rapidly evolving technologies and its ability to execute quickly, and we are excited to partner with them as they continue to build a great company,” said Scott Shleifer, partner at Tiger Global in a statement. The funding comes into the parent company of ShareChat and Moj – Mohalla Tech. The company has now raised a total of $766 million in funding. Earlier, there were <a href="https://www.businessinsider.in/business/startups/news/google-is-reportedly-in-talks-to-acquire-twitter-backed-indian-social-media-startup-sharechat/articleshow/79381248.cms">talks</a> that Google would also be betting on the social media platform. “With this infusion of capital we would continue to aggressively grow our user base, build a world-class organisation in India and the US and further strengthen our creator community, artificial intelligence-powered recommendation engine and platform health,” said Ankush Sachdeva, chief executive officer and co-founder of ShareChat in a statement. The Indian social media platform ShareChat has built a strong base for itself in the country. As a conscious decision, ShareChat isn’t going after the <a href="https://www.businessinsider.in/business/startups/news/sharechat-top-exec-shares-how-the-social-media-startup-is-built-for-bharat-users-which-platforms-of-the-west-lack/articleshow/78359881.cms">first adopters </a>of the internet in India – the English-speaking audience which consumes content similar to the West. Sharechat has a presence in over 15 Indian languages. ShareChat’s Moj has competition from the likes of DailyHunt’s Josh, MX Player, Chingari among others. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">SME financing platform OfBusiness raises $110 million from Falcon Edge Capital – valuation hits $800 million</a> <a href="https://www.businessinsider.in/business/startups/news/online-investment-platform-groww-is-indias-latest-unicorn-as-it-raises-83-million/articleshow/81952184.cms">Boom! Another unicorn pops up from India as Groww raises $83 million at a billion dollar valuation</a>

ShareChat is this year’s 9th unicorn as it raises over $500 million from Tiger Global, Snap and Twitter

New Delhi, As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, <keyword id="2808667" type="General" weightage="50" keywordseo="oyo" source="Orion">OYO</keyword>, Meesho, Udaan and many more. The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date. With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country. Social media company <keyword id="3358959" type="General" weightage="80" keywordseo="sharechat" source="Orion">ShareChat</keyword> (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions. Backed by Twitter, Google, Snap and <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company, Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US. Innovaccer cofounder and CEO Abhinav Shashank cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. This was the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce. Online food delivery platform <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> confirmed that the company is laying off 380 employees as food delivery growth slows. MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise. Homegrown online vehicle repair platform GoMechanic, backed by <keyword id="563136" type="General" weightage="50" keywordseo="sequoia-india" source="Orion">Sequoia India</keyword>, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles. The company has asked the remaining staff to work without pay for three months, according to reports. Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the "restructuring process" amid the deepening funding winter. Even IT giant <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> has laid off more than 400 fresher employees for poor performance in internal assessment tests. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

70-plus Indian startups show exit door to 21K techies, more pink slips coming

Mohalla Tech, the parent company of homegrown social media apps <keyword id="8678883" type="General" weightage="20" keywordseo="moj" source="Orion">Moj</keyword> and <a href="https://www.businessinsider.in/advertising/media/article/bharat-users-are-as-affluent-and-digitally-savvy-as-india-users-sharechat-and-groupm-report/articleshow/89154657.cms" data-type="tilCustomLink">ShareChat</a>, is acquiring Times Internet-owned short-video platform <a href="https://www.businessinsider.in/tech/news/india-predicted-to-have-650-million-short-form-video-users-by-2025/articleshow/86792986.cms" data-type="tilCustomLink">MX TakaTak</a> for nearly $600 million (about Rs 4,500 crore), sources said here on Thursday. In 2021, Mohalla Tech cumulatively raised $913 million, at a valuation of $3.7 billion. The acquisition, sources close to the development told IANS, will further bolster <keyword id="3358959" type="General" weightage="20" keywordseo="sharechat" source="Orion">ShareChat</keyword>'s short-video market share through the platform Moj. When contacted, the companies declined to immediately comment on the development. Moj and ShareChat together have a 340 million-strong user community, while <keyword id="9555198" type="General" weightage="20" keywordseo="mx-takatak" source="Orion">MX TakaTak</keyword> has nearly 150 million monthly active users (MAUs). Founded in 2015, Mohalla Tech has raised over $1.177 billion across eight fundraising rounds to date. Moj currently has an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily. ShareChat is positioned uniquely with an average user time spent of 31 minutes daily. Since January this year, the company has grown to over 2,000 employees and added several new features as it focuses on building its products to be the leader in the Indian short video and social media space. In December, Mohalla Tech raised $266 million as part of its Series G round. "Both our products (Moj and ShareChat) 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," said Ankush Sachdeva, CEO and Co-founder, Moj and ShareChat. After the ban on TikTok and other Chinese short-video making apps, the advertisement revenue from Indian short-form space has been growing at a rapid pace and tripled in just six months. According to a latest report by homegrown consulting firm RedSeer Consulting, short-form content has grown 1.37 times in terms of monthly active user (MAU) and 1.1 times in terms of daily active users from June 2020 when Chinese app TikTok was banned in India. The monthly active users of the short-form segment in the country are expected to grow more than two times to reach 650 million users by 2025, clocking the second spot after television. This significant growth is largely expected to be driven by the new 300 million Internet users that will be added by 2025. "Both Josh and Moj apps have seen a good jump in user and creator net promoter score (NPS) largely driven by users seeing more personalisation, fresher and more filtered content, and creators having access to new tools, increased reach and more collaboration opportunities," said the report.

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Sharechat is now valued at $2.88 billion, with a $145 million fundraise

Kritti Bhalla

ShareChat's valuation increases by a billion with a fresh $266 million funding round

IANS

ShareChat is this year’s 9th unicorn as it raises over $500 million from Tiger Global, Snap and Twitter

Sanchita Dash

70-plus Indian startups show exit door to 21K techies, more pink slips coming

IANS

ShareChat to acquire short video platform MX TakaTak for around ₹4,500 crore

IANS

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

BI India Bureau

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