India, 5th August 2024: ShareChat (Mohalla Tech Pvt Ltd), India’s largest homegrown social media company, announced the extension of its convertible debentures round to accommodate new investment from EDBI, a leading Singapore based global investor. These additional funds will be utilized to invest further in the company's advertising tech stack and expand the consumer transactions businesses with investment in newer monetization features for the creator ecosystem. Currently, the ShareChat app is operationally profitable for the past several months, while the Moj app is close to operating break-even.

In April this year, ShareChat raised US$49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others.

Explaining his vision and the path to profitability, Ankush Sachdeva, Co-Founder & CEO, ShareChat & Moj said, “This investment is a validation of the progress we have made in the past couple of years and our ability to maintain market dominance. We are very excited to welcome EDBI as a new investor in our cap table. Attracting new investors of this calibre in today’s demanding investment environment is a reflection of the company’s robust performance and solid potential for future growth. As we continue to pave our way towards profitability, we are well positioned to cater to the dynamic needs of today’s social media consumers. The raised funds will be directed towards strengthening our technological prowess, expanding our Ads and consumer transactions businesses, and accelerating our efforts to achieve profitability.”

ShareChat (Mohalla Tech) runs India’s largest short video platform, Moj in addition to the ShareChat app, which collectively cater to over 325 million users. ShareChat has democratized social media in India by offering content in over 15 Indian languages. Through its multilingual approach and diverse ad formats, the company has worked for more than 200 advertisers in the country including HUL, Maruti, P&G, Hero and Samsung. Over the past couple of years, ShareChat has rapidly grown its monetizing avenues, including virtual gifting where it stands as the market leader by a huge margin.

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About ShareChat (Mohalla Tech Pvt Ltd)

ShareChat (Mohalla Tech Pvt Ltd) is India’s largest homegrown social media company, with 325+ million MAUs across all its platforms. Founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, ShareChat has social media brands such as ShareChat App and Moj under its portfolio. Today ShareChat App is India’s leading social media platform and has over 180 million monthly active users spread across the country. In July 2020, ShareChat launched its short video app Moj in a record 30 hrs. Today, Moj is India’s #1 short video app, with the highest monthly active user base of nearly 160 million. Investors in ShareChat include Temasek Holdings,  Google, The Times Group, Alkeon Capital, Moore Strategic Ventures (MSV), Harbourvest, India Quotient, Mirae-Naver Asia Growth Fund, Tiger Global, Snap, Twitter, Lightspeed, and Elevation Capital.

About EDBI

Established in 1991, EDBI is the strategic investment arm of the Singapore Economic Development Board (EDB), focusing on high-growth technologies across Information & Communication Technology, Emerging Technology, and Healthcare sectors. Our aim is to create long-term value and enhance the capabilities of Singapore’s key industries. We partner with companies poised for expansion in Asia and beyond, using a targeted value creation approach and leveraging our extensive network. We collaborate closely with these companies to identify growth opportunities, develop strategic roadmaps, and facilitate access to essential resources for success through Singapore.