ShareChat closes $40 mn in Pre-Series E funding to aid Moj's growth
ShareChat, a Bengaluru-based social media company, said it raised $40 mn in Pre-Series E round.It said the new round of funding had significant investment from Dr. Pawan Munjal, DCM Shriram Promoters Family Office, SAIF Partners, Twitter, Lightspeed Ventures and India Quotient.
ShareChat said parts of the fund have been earmarked for doubling down on investments made towards product development, growing its creator ecosystem and establishing partnerships with music labels.This current round of funding will be utilised towards driving growth for Moj, the newly launched short video platform, it added.
“Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, ML capabilities and helping the creator community," said Ankush Sachdeva, CEO & Cofounder, ShareChat