Leading homegrown social media platform ShareChat on Thursday announced it has closed a new funding round of $40 million that drew investment from Hero MotoCorp CEO Dr Pawan Munjal, DCM Shriram Chairman Ajay S Shriram and micro-blogging platform Twitter, among others.
The new funds will be utilised towards driving growth for Moj, the newly-launched short video platform from Sharechat, the company said in a statement.
“Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, machine learning (ML) capabilities and helping the creator community,” said Ankush Sachdeva, CEO and Co-founder, ShareChat.
Other investors in the Pre-Series E funding round are SAIF Partners, Lightspeed Ventures and India Quotient.
Currently, ShareChat and Moj together have a huge base of over 240 million monthly active users (MAUs).
ShareChat said it has exceeded over 160 million MAUs in the past month with the average daily time spent by users on the platform at 31 minutes.
Available in 15 languages on both iOS and Android platforms, Moj has garnered over 80 million MAUs with users spending on an average about 34 minutes on the platform.
The company said large parts of the fund have been earmarked for doubling down on investments made towards product development, growing its creator ecosystem and establishing partnerships with music labels.
Munjal has invested in ShareChat in his personal capacity, through his family trust.
“The economic and demographic ecosystem of the internet universe is primed for companies like ShareChat and their products. I have immense faith in the young entrepreneurs of our country. ShareChat is an excellent example of a self-reliant company that is aiming to take India to the world,” Munjal said.
Shriram has also invested in the homegrown app through DCM Shriram Promoters Family Office.
“ShareChat’s growth story has not been limited to its own success, but also motivated many young Indian entrepreneurs to dream big in the internet ecosystem,” he said.
Twitter previously led ShareChat’s Series D funding round with additional backing by SAIF Partners, Lightspeed Ventures and India Quotient, the three of which have been involved with ShareChat as investors since its early days.