By Munsif Vengattil
NEW DELHI (Reuters) – The parent company of India‘s ShareChat has raised nearly $300 million in fresh funding from Alphabet Inc’s Google, media giant Times Group and Singapore‘s Temasek Holdings, valuing the social media firm at nearly $5 billion, two sources involved in the deal discussions told Reuters.
A deal is set to be announced as early as next week, the sources added.
ShareChat’s parent company, Mohalla Tech, did not respond to a request for comment. Google and Temasek did not immediately respond to requests for comment, while Reuters could not immediately reach the Times Group.
Google’s investment in a bearish market for Indian start-ups shows the appetite for the short video sector and the start-up’s investment thesis, one of the sources said. India’s tech startups, which raised a record $35 billion in new funds in 2021, have been struggling to raise funds as corporate governance concerns loom large for investors facing a new uncertainty in global markets.
ShareChat currently has 180 million monthly active users. Moj, along with Mohalla’s recently acquired MX TakaTak, has a combined user base of 300 million, according to one of the sources.
(Reporting by Munsif Vengattil; Editing by Susan Fenton)