ShareChat is now valued at more than $2.1 billion after it successfully raised more than $500 million budget. Because of its sudden growth, it was able to acquire the popular unicorn status. This is a big deal for the Indian social media platform since there are only eight apps that are included in the unicorn status.
These are Digit Insurance, Innovacer, Five Star Finance, Meesho, Cred, PharmEasy, Groww, and Infra.market. ShareChat’s new financing round called Series E is led by Tiger Global. Thanks to both of the companies’ efforts, they were able to level up their 2020 value, which is $650 million.
On the other hand, ShareChat also confirmed that Twitter and Lightspeed Venture Partners have a huge role in its current success since they were able to raise its finance by more than $765 million.
What is ShareChat
ShareChat is an Indian social media and social networking application. It was originally created in Bangalore, India. This online platform has more than 180 million monthly active users. It works just like other social media apps since it offers tagging, private messaging, and personal messaging features. Aside from these, it also allows users to share jokes, songs, videos, and other language-based social media content.
ShareChat is currently available in more than ten Indian languages and has a large following in small Indian cities and towns. Its growth is considered essential for other Indian startups since there are only a few Indian apps that were able to reach this status.
Ankush Sachdeva, the app’s co-founder and chief executive, said that they “saw a large vacuum emerge on June 29 with a lot of short-video apps exiting the market — we knew this opportunity was for us. There were millions of short-video creators already trained for creating that content supply.”
The giant app’s CEO added that “the real game was therefore going to be on building the most relevant feed for the user and we were the only Indian company that had built a world-class feed recommendation system for short-form content.”
How it started
The Indian social media app started its journey on WhatsApp and Facebook groups. In the past few years, it was able to experiment with monetization and was able to find success in it. Now, the popular Indian application allows commerce platforms to communicate with their customers via its audio chat rooms.
On the other hand, the rising app also launched a fantasy sports application called Jeet, which happened earlier this 2021. Sachdeva explained that they are now going deeper into the Indian market since they were able to position their online service in the ecosystem of the products properly.
This app could still grow since various social media applications are now becoming more popular since almost everyone is now doing their works and other activities online. Previously, TikTok, a Chinese app, suddenly became popular after the COVID-19 pandemic started, affecting various countries across the globe. Aside from these, there are also other applications that are now being used by various companies and businesses. It is only a matter of time for this rising Indian application to take its place amongst the largest social media platforms.