Homegrown social media apps, Sharechat and Moj, are the latest entrants to the unicorn club. Mohalla Tech, the company behind these apps, has raised $502 million in its latest funding round, led by venture firms Lightspeed Ventures and Tiger Global. American social media companies, Twitter and Snap Inc, also participated in the round.
Ankush Sachdeva, chief executive officer and co-founder of ShareChat, said the fresh funds will be used to grow the company’s user base, strengthen the creator community on its apps, and improve the company’s artificial intelligence (AI) powered recommendation engines.
