With $100 million (nearly Rs 720 crores) in fresh funding, ShareChat has become the new social content unicorn.
ShareChat is a an Indian regional language social platform based out of Bangalore.
The company was founded in October 2015, by Farid Ahsan, Bhanu Singh and Ankush Sachdeva - all of whom are alumni of IIT Kanpur. The platform was originally positioned as a 'content sharing tool for WhatsApp users', with an inventory of 100,000 moving content pieces every day. It allows users to both create new content, and share it within their networks, similar to the photographic social app Instagram.
In 2018, they launched a feature called ShareChat Talkies, which permits anonymous chats, direct messages and the creation of original video content. They have also released a host of other new features such as 'Shake-n-Chat', reminiscent of Omegle and Russian Roulette, allowing randomized at-will chats between ShareChat users.
The new $100 million funding round was led by Shunwei Capital, and featured Morningside Ventures (China) and Jesmond Holdings as new investors in the firm.
In their last funding round (Series B) in January 2018, ShareChat had raised $18.2 million at a valuation of $67 million from Xiaomi Singapore and Shunwei Capital. This current fund-raise propels their valuation to 7X of where they were a few months back, and gives them enough runway to diversify and experiment with new content creation and sharing formats, such as local (vernacular) language content. We wish the team all the very best in the journey ahead!