ShareChat in talks to raise funding from Google, Snap: Report
The startup is reportedly in talks to raise over $200 million from the American tech giants at a valuation of more than $1 billion
Bengaluru-based social network company ShareChat is in talks to raise over $200 million from American tech giants Google and Snap at a valuation of more than $1 billion. The company already counts Twitter among its marquee investors.
According to a media report, the startup is in advanced stages of talks to raise money from Google and Snap, as well as several existing investors, including Twitter.
The report further stated that the Series E financing round is slated to be larger than $200 million. Google alone is expected to finance more than $100 million of that amount.
As per the report, the terms of the deal could change and the talks may not materialise into an investment.
So far, ShareChat has raised about $264 million and was valued at nearly $700 million last year.
In 2020, Google was reportedly in talks to acquire ShareChat for $1.03 billion. Both ShareChat and Google had signed a non-binding proposal and appointed investment bankers to take the talks forward.
In September 2020, ShareChat had raised $40 million in a pre-Series E round led by existing investors —Lightspeed Ventures, Twitter, and SAIF Partners — along with new entities. The other investors in this round include Pawan Munjal of the Hero Group in his personal capacity, DCM Shriram Promoters Family Office, and India Quotient.
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