Snap and Twitter are backing India’s reply to TikTok

Snap and Twitter are backing India's answer to TikTok

The $502 million funding spherical was led by funding corporations Tiger Global and Lightspeed Venture Partners, and boosted the valuation of Mohalla Tech to just a little over $2 billion, the corporate mentioned in a press release on Thursday. This is Snap’s first funding within the firm, whereas Twitter has taken half in two earlier rounds, a ShareChat spokesperson advised Source Business.

“With this infusion of capital we would continue to aggressively grow our user base,” Mohalla Tech CEO and co-founder Ankush Sachdeva mentioned in a press release.

The fundraising catapults Mohalla Tech into the rising membership of Indian unicorns, or know-how startups valued at over a billion {dollars}. So far, 2021 has been an excellent 12 months for Indian startup ecosystem, with no less than eight other companies buying unicorn standing.

Mohalla Tech, which was based in 2015, has raised over $766 million in six funding rounds. It has 280 million customers throughout its two merchandise — ShareChat and brief video app Moj.

The latter was launched much less than two days after Prime Minister Narendra Modi’s authorities banned TikTok and different Chinese apps in June final 12 months. Moj says it has already amassed 120 million month-to-month energetic customers, exhibiting India’s eager curiosity find alternate options to common Chinese apps that stay banned within the nation.

“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,” mentioned Scott Shleifer, associate at Tiger Global, in a press release.

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