Homegrown social media apps Moj and ShareChat, have raised an additional $145 million at a market valuation of $2.88 billion. The latest Series F funding, led by Singapore state investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund, is an additional investment beyond the $502 million raised in April this year.
Mohalla Tech, the parent company behind these apps, said in a statement that the new round will be utilised for accelerating user growth, augmenting a robust creator economy, and invigorating their efforts towards building a world-class artificial intelligence (AI) organisation.
"We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months. We have been very fortunate to attract a bunch of very high quality names in our series F and the list just got longer with Temasek, MSV and Mirae-Naver joining hands with us," said Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat.
The monthly active user community has grown to 160 million for Moj and 180 million for ShareChat. Founded in 2015, Mohalla Tech has now raised over $911 million across seven fundraising rounds.
Moj has become India's number one short video app with the highest monthly active users, with an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily. ShareChat, the Indic language social media platform, is positioned uniquely with an average user time spent of 31 minutes daily.
"We are excited to partner with Moj as they build India's premier short form video platform, and have been impressed by the management team's speed and agility in capturing the opportunity," said James McIntyre, Senior Managing Director and COO at MSV.