ShareChat closes $40 million in Pre-Series E to aid Moj’s growth

ShareChat, a Bengaluru-based web-based media organization, said it raised $40 million in Pre-Series E round.

It said the new round of financing had huge speculation from Dr. Pawan Munjal, DCM Shriram Promoters Family Office, SAIF Partners, Twitter, Lightspeed Ventures and India Quotient.

This current round of financing will be used towards driving development for Moj, the recently dispatched short video stage, it included.

ShareChat said portions of the reserve have been reserved for multiplying down on speculations made towards item improvement, developing its maker environment and setting up organizations with music names.

“Our short-video stage Moj has been on an unstable development direction since its dispatch. This subsidizing will assist us with encouraging put into our item advancement, ML abilities and helping the maker network,” said Ankush Sachdeva, CEO & Cofounder, ShareChat.

ShareChat said its lead territorial language web-based media stage and recently dispatched Moj together have over 240 million MAUs by and by.

ShareChat said the fundamental application has surpassed over 160 million MAUs (month to month dynamic clients) in the previous month with the normal day by day time spent by clients on the stage at 31 minutes, and Moj has accumulated over 80 million MAUs with clients spending on a normal about 34 minutes on the stage.

Twitter recently drove ShareChat’s Series D subsidizing round with extra support by SAIF Partners, Lightspeed Ventures and India Quotient, the three of which have been engaged with ShareChat as speculators since its initial days.

With the new round, ShareChat’s absolute financing currently remains at $264 million, it said.