Mohalla Tech, the parent company of the vernacular social media platform ShareChat and the brief video entertainment app Moj, has increased its debt round to $65 million with the most recent infusion of $16 million from Singapore-based EDBI.
The supplementary funds will be allocated to the advertising company’s technology stack and to the expansion of its consumer transactions business through the implementation of newer monetization features.
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Existing investors, such as Temasek, Lightspeed, HarbourVest, Moore Strategic, Rimco, and Alkeon, contributed approximately $49 million in debt to ShareChat in April. In addition, the company’s valuation plummeted from $5 billion to less than $2 billion during its most recent fundraising effort in June 2022.
According to ShareChat, the app has been consistently profitable in its operations for the past few months, while the Moj app is nearing the point when its operating costs are equal to its revenue. Both applications serve a user base of more than 325 million individuals.
About ShareChat
Founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan, ShareChat is India’s leading social media platform that operates exclusively in Indic languages.
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