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Indian content-sharing platform ShareChat on Thursday said it had raised $266 million in fresh funding from US-based Alkeon Capital and some existing investors, pushing its valuation to $3.7 billion.
The new investments, part of ShareChat’s third funding round this year, was led by Alkeon and saw participation from Singapore’s Temasek Holdings and Moore Strategic Ventures, among others, Reuters quoted from a company statement., adding it is the first to report the fund raising.
ShareChat raised $145 million in July from Temasek and others at a valuation of around $3 billion.
Indian content-sharing and short-video apps have become popular since New Delhi last year banned ByteDance’s TikTok and some other Chinese apps following an India-China border clash.
ShareChat, which has 180 million active users, allows users to post content in 15 Indian languages. After TikTok was banned, the Indian firm also launched a similar short-video sharing app named Moj, which has 160 million users and counts Meta Platforms Inc.’s Instagram Reels as its key rival.
