ShareChat raises $145 mn from Temasek

The company will invest in AI capabilities of short video app Moj and enhance its in-app editing tools

Mohalla Tech who is parent company of social media platforms Moj and ShareChat has raised USD 145 million as an extension of its Series F funding.

 

This comes after the USD 502 million raised by Mohalla Tech in April. The company is now valued at USD 2.8 billion.

 

The Series F funding was led by Singapore investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund that is jointly set up by Mirae Asset and South Korean web portal Naver Corp.

 

Mohalla Tech in a statement said that it will use the funds to step up its attempts at building world-class artificial-intelligence(AI) feed, attracting and incentivising a diverse creator base and amplifying platform health and safety.

 

A statement said that senior executives in AI/ML (artificial intelligence/machine learning) spaces have also been hired in the UK and US and the company continues to look for more senior talents.

 

Ankush Sachdeva, the Chief Executive Officer and Co-founder of the social media platforms Moj and ShareChat said that the additional investment for Series F is a validation of their market leadership and reflection of investors trust in their execution capabilities.

 

Sachdeva said,"We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months.”

 

The CEO also added that the company has a monthly active user base of 160 million and over 50 million strong content creator community.

 

Ankush Sachdeva further said,“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 monetise on the platform."

 

India Scanner News Network

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