In 2019, Twitter invested in ShareChat. Two years later, two other large American companies became interested in this increasingly successful Indian social network. According to TechCrunch, Google and Snap, the parent company of Snapchat, are in talks to invest funds in ShareChat as part of the Series E fundraiser.
ShareChat, what is it?
ShareChat is an Indian social network that was born in Banglore in 2015. The application is available in 15 different Indian languages (remember, the country’s constitution officially recognizes 22) and offers its users a variety of features, from private messaging to. Share videos, create stickers, to name a few.
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Currently, ShareChat claims over 160 million monthly active users, especially in small towns in India. In an interview with our colleagues at TechCrunch, Ankush Sachdeva, co-founder and CEO of ShareChat, said that his application has grown “exponentially” over the past year, particularly with an average daily usage time of 30 minutes of users.
Results of interest to the giants of American social networks, and Twitter and Snap in particular. Indeed, the two companies are struggling to establish a permanent presence in the Indian market outside of the big cities. They currently each have around 50 million active users per month on the world’s second largest Internet marketplace and are way below ShareChat.
Google and Snap are ready to get their hands on the wallet
Back in 2019, Twitter recognized the potential of ShareChat and decided to lead the $ 100 million fundraising process. In 2021, the blue bird wants to repeat the experience as part of the E series of the Indian social network and this time it could be accompanied by two more giants of the industry: Google and Snap.
According to anonymous sources who revealed the information, this new fundraiser would exceed $ 200 million in fundraising, of which $ 100 million would be injected from Google. If confirmed, ShareChat’s valuation would rise to $ 1 billion from its current $ 700 million. For Snap, it would also be his very first investment in an Indian startup.
However, don’t sell the bear’s skin until we’ve killed it. According to the sources behind the information, the terms of the deal could change in the coming weeks as the talks have not yet ended. It should also be noted that none of the companies concerned wanted to comment on the information.