Mohalla Tech, the parent firm of social media app and short video app Moj, has closed a $145 million financial round to reach a valuation of $2.88 billion. The Series F round was led by Temasek, Moore Strategic Ventures, and Mirae-Naver Asia Growth Fund.
ShareChat Raises $145 Million
ShareChat, a subsidiary of Mohalla Tech, has established itself as one of the best social networking apps in the Indian startup ecosystem. In a recent round, the online platform has raised $145 million at a valuation of $2.88 billion. It was a series F round led by Temasek, Moore and others.
In April 2021, the tech firm closed the Series E round of $502 million. At that time, the firm was valued around $2.01 billion. Bengaluru based tech startup has raised approximately $911 million to date.
ShareChat will utilize current funding in strengthening its Artificial Intelligence(AI) technology further to provide a user-friendly feed. It will also help the firm to scale up its operations 2x times. The social networking app has already hired senior executives in the US and UK to expand its geographical area.
Current Status of Moj, and ShareChat
Ankush Sachdeva, the CEO and co-founder of Moj and ShareChat, has claimed that Moj has become the number one short video app in India within one year. The app has the highest monthly active users among all short video apps in the Indian startup ecosystem. The online platform recorded 200+ million downloads since July 2020 as per Sensor Tower data. He further revealed that the app has 150+ million user traffic monthly with a 50 million strong creator community.
The tech firm is looking to advance its AI and editing tools further that will help its creators to monetize on the platform. It will also attract more users due to its user-friendly feed and easy to use editing tools.
The firm further claims that a user spends on an average 34 minutes a day and the app records 4.5+ billion views daily.
After the Tiktok ban in India, Moj has emerged as the leader among short video platforms. MX Takatak by MX Player and Josh by Dailyhunt are the closest rivals of Moj. MX Takatak recorded 200 million downloads, while Josh was downloaded 180 million times in the last year, as per the Sensor Tower report.
But, these apps are yet to churn revenue. While ShareChat recorded a revenue of Rs 9.5 crore first time in FY2020.