Wednesday, December 7, 2022
HomeGoogleGoogle backs ShareChat in India with $300 million

Google backs ShareChat in India with $300 million

Mohalla Tech, the Indian company that owns the ShareChat social network, has raised $300 million. Alphabet, Google’s parent company, is among the investors, according to Reuters. He is accompanied by the Indian media giant, Times Group, and a sovereign wealth fund from Singapore, Temasek. The application, which allows you to exchange videos and private messages, is now valued at nearly $5 billion.

The ShareChat application has already completed several fundraising rounds, including one in July 2021. This allowed it to be valued at $3 billion, mainly thanks to a $145 million investment from Singapore’s sovereign wealth fund, Temasek. Google, in negotiation since January 2021, finally participated in the last fundraising, allowing Mohalla Tech to raise $300 million.

This is not the first time that an American company has invested in the Indian group. By April 2021, Twitter and Snapchat had helped grow Mohalla Tech, which was valued at $2 billion. A year later, the company’s value has more than doubled.

Indian tech startups, which raised a record $35 billion in new funding in 2021, are struggling to raise funds as corporate governance issues weigh heavily on investors facing new uncertainty in markets global.

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