ShareChat, an Indian social community price $ 5 billion

Mohalla Tech, an Indian company that owns the social network ShareChat, raised $ 300 million this Monday, May 30, reports Reuters. Alphabet, Google’s parent company, is one of the investors. It is followed by Indian media giant Times Group and Singapore State Fund Temasek. The application, which allows you to exchange videos and private messages, is now estimated at almost 5 billion dollars.

The value of ShareChat has doubled in one year

ShareChat has already conducted several fundraisers, including one in July 2021. This allowed it to be estimated at $ 3 billion, largely thanks to a $ 145 million investment from Singapore’s state fund, Temasek. On Monday, May 30, Google, in negotiations from January 2021, finally participated in the latest fundraiser, allowing Mohalla Tech to raise $ 300 million.

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The company, which also owns the short video apps Moj and MX TakaTak, is now estimated at $ 5 billion. This is not the first time that an American company has invested in an Indian group. By April 2021, Twitter and Snapchat had helped develop Mohalla Tech, valued at $ 2 billion. A year later, the company’s value more than doubled.

ShareChat currently has 180 million active users. My and MX TakaTak applications reach a peak of 300 million combined users. This allows Mohalla Tech to take a strong position in the Indian social media industry. By comparison, TikTok had one billion active subscribers worldwide in 2021.

India, a strategic territory for technology

Since TikTok was banned in India in 2020, local startups offering short video streaming apps have experienced tremendous growth. Google has already invested in this sector by injecting $ 100 million into the Josh app, owned by Indian company VerSe Innovation, a competitor to Mohalla Tech.

There is a real appetite of technology giants for the Indian startup market. In 2021, total investments in Indian technology companies reached a record $ 35 billion. Google still has a $ 10 billion investment plan in India, a strategic territory for the future of digital companies. That could be an interesting alternative to the government-controlled Chinese market.

However, after a record year in terms of growth, the Indian economy is facing a significant slowdown, leading to a decline in investment in 2022. This unfavorable economic context is further aggravated by authoritarian Indian policies. India’s new regulations that abolish online anonymity will lead to the closure of many businesses, such as VPN providers. A situation that will lead foreign investors to adjust their strategies.

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