ShareChat, a regional language video and picture sharing platform, Tuesday announced that it has raised $100 million in a fresh round of funding from new investors Twitter and private equity firm TrustBridge Partners.
The Series D round also saw participation from existing investors including Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital, the four-year old Bengaluru-based startup said in a statement.
To date, ShareChat has raised a total of $224 million. It also counts China’s Xiaomi among its list of backers.
This new round of funding will help ShareChat strengthen the technology infrastructure for its platform as the company looks to scale its business. Additionally, ShareChat will acquire talent to help propel the exchange of ideas among its strategic partners.
To accelerate the internet ecosystem in India, the company will also be introducing more features to make the experience seamless across devices, the statement added.
Ankush Sachdeva, CEO, ShareChat said, “With this new round of funding, we are positioned to take the next leap in our growth story. As we scale up, our focus remains to help the ShareChat community better express themselves in the comfort of their native language.”
ShareChat was founded in 2015 by three IIT Kanpur alumni ‑ Farid Ahsan, Bhanu Singh and Ankush Sachdeva. The platform allows users to share their opinions, record their lives and make new friends within the comfort of their native language.
The startup claims to have 60 million monthly active users across the country on its platform currently. It counts Helo and short video app TikTok among its competitors.
“Twitter and ShareChat are aligned on the broader purpose of serving the public conversation, helping the world learn faster and solve common challenges. This investment will help ShareChat grow and provide the company’s management team access to Twitter’s executives as thought partners,” Manish Maheshwari, Managing Director, Twitter India said.
“This round will give us the wherewithal to build some of the use cases of the platform and further connect the next million users to the benefits of the technology,” Anand Lunia, Partner, India quotient added.
ShareChat had raised about $100 million in funding led by Shunwei Capital, with participation from Morningside Ventures and Jesmond Holdings, an affiliate of DST Global, in September last year.