On Tuesday, ShareChat raised $145 million in fresh funding from Singapore’s Temasek Holdings and two other investors, giving it a valuation of $2.88 billion, the company told Reuters. The funding signals a growing fascination for Indian content-sharing and short-video apps that have become popular ever since New Delhi last year banned ByteDance’s TikTok and some other Chinese apps following an India-China border clash.
ShareChat allows users to post content in 15 Indian languages. After TikTok was banned, the Indian firm also launched a similar short-video sharing app named Moj, which has since become popular and clocked millions of downloads.
The latest funding round was led by Temasek and Moore Strategic Ventures, with participation from a fund jointly set up by Mirae Asset and South Korean web portal Naver Corp, ShareChat said in its statement. Reuters is the first to report the fundraise.
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The latest investments come around four months after ShareChat raised $502 million from Tiger Global, Snap Inc, Twitter and some others, which at the time valued it at just over $2.1 billion.