ShareChat raised $40 mn from existing investors

Vernacular language social media platform ShareChat raised $35-40 mn in an internal financing round from existing investors including Lightspeed India.

ShareChat has assigned Morgan Stanley as its banker as it looks to raise a larger amount of money from new investors. The round size could go over $100 mn.

“The company is also exploring a potential set of new investors who can infuse more capital, but it is unclear if this will happen because monetization remains to be a challenge for ShareChat,” said a spokesperson.