Regional language social networking platform ShareChat has completed the USD 100 million financing round led by micro-blogging site Twitter. TrustBridge Partners, existing investors Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital also participated in the Series D round.
The latest capital injection has put ShareChat’s valuation in the range of USD 600-650 million. The Banglore-based startup would use the fresh infusion to expand its user base in India and hire more engineering talent.
The major competitors of ShareChat include Tiktok, Helo and Samosa Labs. Twitter founder and CEO Jack Dorsey was personally involved in the transaction. The San Francisco-based tech giant is counting on Share Chat’s lower tier penetration to lead its next phase of growth. Twitter counts India as one of its key markets.
“We have very clear targets about what we want to do. The populace today already has a tremendous exposure to all the global platforms, so, when they come to your platform, they don’t expect any less. We are going to be making sure that our technology is at par, if not better than our peers,” Ankush Sachdeva, chief executive of ShareChat told Economic Times.
ShareChat boasts of monthly active users (MAU) of more than 50 million.
“Twitter and ShareChat are aligned on the broader purpose of serving the public conversation, helping the world learn faster and solve common challenges. This investment will help ShareChat grow and provide the company’s management team access to Twitter’s executives as thought partners,” Manish Maheshwari, managing director of Twitter India, said in a statement.
ShareChat has plans to open an office in Silicon Valley.
“We already have people who have worked in the Valley joining us. But now we are going to go deeper, and look for talent working in global companies and get them onboard,” Sachdeva said.