A social media and short video entertainment platform sharechat has picked up a debt round worth of $100 million form Tencent.
Sharechat App is an Indian social media and social networking service, developed by Bangalore based Mohalla Tech Pvt Ltd. It was founded by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan and incorporated on 8 January 2015. Sharechat has over 250 million monthly active users across 15 indic language. The sharechat offers features that include private messaging, tagging and a personal messaging feature, enabling users to share videos, jokes, songs and other language based social content with other unknown users.
Sharechat’s app Moj, launched on 29 June 2020, short video platform that emulates the features of TikTok, which was among the apps banned by the government of India in June 2020. Sharechat App itself is a competitor to Helo, another social media platform that was owned by TikTok’s parent company, Bytdance.
The company headquartered in Bengaluru Karnataka, and presently employs over 400 people. Initially, sharechat primarily worked as a content sharing platform, without any scope of users generating their own content. Sharechat App started user generated content on April 2016, which allowing to its users to share their own posters, video and some creative content.
Sharechat has official approved the issuance of 20147 series D debentures at the issue price of USD 46,589.64 each to zennis capital B.V Hlodyan B.V respectively, regulatory filings show. Both of these company are netherland based special purpose vehicles created by Chinese tech giant Tencent to route investments.
ShareChat App Acquisition
In march 2019, Mohalla Tech acquired Transversal Tech-owned short video sharing platform clip. In February 2020, Mohalla tech acquired Bengaluru based online fashion marketplace Elanic. In march 2020, it acquired a meme discovery and sharing platform, memer. In august 2020, it acquired a hyperlocal information platform circle internet.