New Delhi: Mohalla Tech, the genitor institution of starring abbreviated video app Moj and vernacular societal media level ShareChat, connected Thursday said it has raised $502 cardinal (about Rs 3,726 crore) successful its Series E backing round, taking the valuation to a small implicit $2.1 billion.
The latest concern round was led by Lightspeed Ventures and Tiger Global, on with information from Snap, Twitter and India Quotient and others.
Founded successful 2015, Mohalla Tech has successfully raised implicit $766 cardinal crossed six fundraising rounds, enabling ShareChat to substantially turn and differentiate itself by delivering a unique, tech-led societal media experience.
Moj, which was launched successful July past year, has made immense strides towards enactment successful the abbreviated video space.
Moj and ShareChat unneurotic person a 280 million-strong idiosyncratic community, according to the company.
"With ShareChat and Moj, we are well-positioned to physique the largest AI-powered contented ecosystem successful India," said Ankush Sachdeva, CEO and Co-founder, ShareChat.
The institution said the caller funds volition beryllium utilised for doubling down connected tech initiatives, supporting idiosyncratic growth, and improving level information features.
"With this infusion of capital, we would proceed to aggressively turn our idiosyncratic base, physique a world-class org successful India and US and further fortify our creator community, AI-powered proposal motor and level health," Sachdeva added.
With implicit 120 cardinal monthly progressive users, Moj has emerged arsenic India's starring abbreviated video destination.
ShareChat is besides a starring Indian societal media platform, with implicit 160 cardinal monthly progressive users, that allows users to stock their opinions, grounds their lives and marque caller friends.
"Moj is well-positioned to prehend the accidental presented by the maturation of abbreviated video successful India," said Scott Shleifer, Partner astatine Tiger Global.
"ShareChat's emergence to marketplace enactment successful India's societal media class has been an accelerating travel involving class creation, world-class squad gathering and product-led growth," added Dev Khare, Partner, Lightspeed India.