Homegrown regional social media platform ShareChat has raised fresh funding of $100mn as part of its Series D funding round. Twitter and TrustBridge Partners are two new investors joining this latest funding round while existing investors Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital also participated in this round.
With this round, the total funds raised by ShareChat stands at $224 million.
This new round of funding will help ShareChat strengthen the technology infrastructure for its platform as the company looks to scale its business. ShareChat will also acquire talent to help propel the exchange of ideas among its strategic partners.
â€śThis is a very exciting time for us at ShareChat as we see our platform growing rapidly. With this new round of funding, we are positioned to take the next leap in our growth story. As we scale up, our focus remains to help the ShareChat community better express themselves in the comfort of their native language,â€ť Ankush Sachdeva, CEO, ShareChat â€‹said in a statement.
The company will also be introducing more features to make the experience seamless across devices.
â€śTwitter 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 companyâ€™s management team access to Twitterâ€™s executives as thought partners,â€ť Manish Maheshwari, Managing Director, Twitter India said.
Ravi Mhatre, Founder and Managing Director, Lightspeed Venture Partner says that ShareChat has a special opportunity to consolidate its position as the defining media platform to engage Indiaâ€™s diverse, multicultural and multilingual population.
â€śWe are excited to see users creating a lively community with diverse vernacular content on ShareChat. The diversity and depth of user generated content has enhanced the stickiness of the product, and will contribute great business value to ShareChat as a platform. We look forward to the next stage in ShareChatâ€™s evolution,â€ť Tuck Lye Koh, Founding Partner and CEO, Shunwei Capital said in a statement.