India’s ShareChat parent company has raised nearly $300 million in new funding from Google’s parent company Alphabet, media giant Times Group and Singapore’s Temasek Holdings, valuing social media at $5 billion, two sources involved in the deal discussions said, Reuters quoted two sources as saying.
Incident is scheduled to be next week.
It is Google’s second major investment in the short video space in India, having previously backed Josh, who competes with ShareChat’s sister company Moj.
One of the sources said that Google’s investment in a bear market for emerging startups in the short video sector and the startup investment thesis.
India’s budding startups, which raised a record $35 billion in new funds in 2021, are struggling with cash for money looming corporate governance too much for investors facing uncertainty in new markets.
Short video apps like Moj and Josh became popular after India in 2020 banned ByteDance’s TikTok some Chinese apps after a border clash with China, told Reuters.
Moj along with its recently acquired MX TakaTak has a user base of 300 million users.
Valuation Share was recently valued at $3.7 billion in funding of $266 million in funding including including the amount of Alkeon Capital and Temasek.
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