ShareChat said on Thursday it has raised a new financing round that values it at over $2 billion, joining four other local startups in attaining the unicorn status this week. The company claims to have raised $502 million in a new financing round — Series E — led by Tiger Global that valued ShareChat at $2.1 billion. The six-year-old startup began engaging with investors for new funds about 10 months ago, and explored a full buyout deal with Twitter, which didn’t materialize.
ShareChat, which claims to have over 160 million users, offers its social network app in 15 Indian languages and has a large following in small Indian cities and towns
“When we 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 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,” wrote Ankush Sachdeva, co-founder, and CEO of ShareChat in a blog post.