Moj & ShareChat parent raises additional $145 million in Series F funding

The investment has been led by Singapore state investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund

e4m by exchange4media Staff
Updated: Jul 27, 2021 10:45 AM
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Mohalla Tech, the parent company behind Moj and ShareChat, has raised US$145 million as an extension of Series F. At a valuation of US$2.88 billion, the investment has been led by Singapore state investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund which is jointly set up by Mirae Asset and South Korean web portal Naver Corp. This is an additional investment beyond the US$502 million raised in April this year.

Investments raised this year including this additional capital infusion will help the company double down its strategic priorities of building best in class AI Feed, attracting and incentivising diverse creator base and amplifying platform health and safety. The company has hired senior executives in the AI/ML spaces in recent months in the UK and the US and continues to aggressively look for more senior talents in this space. 

Commenting on the latest funding round, Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat said,This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities. We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months. We have been very fortunate to attract a bunch of very high quality names in our series F and the list just got longer with Temasek, MSV and Mirae-Naver joining hands with us.” 

Sachdeva added, “With a monthly active user base of 160 million and 50+ million strong creator community, Moj in a year has grown into India’s number one short video app. To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools and helping our creators monetize on the platform” 

James McIntyre, Senior Managing Director and COO at MSV said, “We are excited to partner with Moj as they build India’s premier short form video platform, and have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike.” 

Founded in 2015, Mohalla Tech has now raised over US$911 million across seven fundraising rounds. This has helped both Moj and ShareChat to continue their growth journey, differentiate and deliver a unique social media experience. Moj has become India’s number one short video app with the highest monthly active users, with an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily.

ShareChat, the Indic language social media platform, is positioned uniquely with an average user time spent of 31 minutes daily. Moj and ShareChat together, with a 340 million-strong user community, envision building a cohesive AI-powered content ecosystem to address India’s growing digital needs.

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