Social media platform Sharechat's parent company, which also runs short-video platform Moj, is in the process of raising $500 million and will be valued north of $5 billion, as per sources.
The round will be executed in two parts and the first close will be announced soon, as per sources.
The round will be led by new and existing investors, though CNBC-TV18 could not confirm the names of the next investors. Sharechat counts Temasek, Snap Inc, Tiger Global, Moore Strategic Ventures and Twitter among existing investors.
Sharechat’s valuation is expected to cross $5 billion post-funding, two people aware of the matter said. Sharechat was last valued at $2.8 billion in July post $145 million.
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The company had turned unicorn in April when it was valued at $2.1 billion in April. The company is also said to be in talks to acquire competitor MX Takatak from Times Internet, as per reports.
Sharechat's Moj has gained significant traction post its launch in June last year at the time when there was a crackdown on the Chinese short video platform TikTok. It competes with Dailyhunt's Josh and Inmobi's Roposo, apart from Chingari and a few other players.
(Edited by : Jomy Jos Pullokaran)
First Published: Nov 22, 2021 5:39 PM IST
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