India’s ShareChat backed by Google in $300M funding round

sharechat backed by google 300mfunding

The parent company of Indian short video app ShareChat has raised almost $300 million in fresh funding from Alphabet Inc’s Google, Singapore’s Temasek Holdings, and media giant Times Group.

The social media company was valued at almost $5 billion at the latest financing round. According to funding sources, a deal is set to be announced as early as next week.

This investment is Google’s second key venture in India’s short video segment. The global big tech giant has previously backed Josh, which competes with ShareChat’s sister firm Moj.

Google’s investment in a bearish market for Indian startups shows the appetite for the short video segment and the startup’s investment thesis. Tech startups in India, which raised a record $35 billion in new investments in 2021, have struggled to raise funds as corporate governance looms large for investors facing further uncertainty in global markets.

Short Video apps like Josh and Moj burst in popularity after India passed a ban on Bytedance’s TikTok and a few other Chinese apps in 2020 after a border clash at Galwan Valley with China.

ShareChat was previously valued at $3.7 billion in a $266 million funding round from Temasek and Alkeon Capital investors. The firm also counts Snap and Twitter among its investors.