ShareChat and Moj parent company Morhalla Tech announced a $266 million Series G round, at a valuation of $3.7 billion, in this week’s press release. In addition to Alkeon Capital, several existing and new investors participated in the deal, including Temasek, Moore Strategic Ventures (MSV), Harbourvest, and India Quotient. The startup has received its third round of funding in 2021.
In addition to building deep capabilities in areas such as social and live commerce, Mohalla Tech intends to expand its AI/ML team, which boasts over 100 employees spread across the US, Europe, and India. Ankush Sachdeva, CEO and cofounder of Moj and ShareChat, stated, “This new funding will strengthen our position and help us deliver immersive social experiences to our community.” and that ShareChat and Moj are growing rapidly. With the largest monthly active user base, a very active creator community, and amazing new partnerships to delight our users, both our products have been top performers in the market.
A number of companies including Tiger Global, Snap, Twitter, and Lightspeed Ventures have invested in the Bengaluru-based social media firm. In just this year, Mohalla Tech raised $913 million across eight fundraising rounds, bringing the total to over $1.177 billion raised through eight rounds.
As the company focuses on developing its products, it has added several new features and grown to over 2000 employees since January. By the end of 2023, the company hopes to reach $100 million annualized creator earnings through its social and live commerce initiatives.
