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Homegrown App ShareChat Secures $3 Million Funding From Alphabet: Report

Homegrown app ShareChat's parent firm Mohalla Tech has raised close to $300 million in fresh funding from Google parent Alphabet.

By : ABP News Bureau | Updated at : 30 May 2022 04:33 PM (IST)

Google backs India's ShareChat in $300 mln funding round at $5 bln valuation Homegrown App ShareChat Secures $3 Million Funding From Alphabet: Report

Local apps like ShareChat, Josh, Roposo, Chingari among others gained popularity in India after the ban on Chinese apps in 2020. Image: Getty

New Delhi: Homegrown app ShareChat's parent firm Mohalla Tech has raised close to $300 million in fresh funding from Google parent Alphabet and two other firms, thus, valuing the social media firm at nearly $5 billion, the media has reported. According to a report by news agency Reuters, the deal is slated to be announced next week.

Google's investment in a bearish market for Indian start-ups shows the appetite for the short video sector and the start-up's investment thesis, the Reuters report added quoting a source. Earlier, homegrown tech startup Josh had secured funding from Google's parent Alphabet.

ABP Live has reached out to Mohalla Tech for a comment. The story will be updated once a response is received.

It should be noted that local apps, including the likes of ShareChat, Josh, Roposo, Chingari and GoSocial witnessed a significant increase in downloads and user signups on their platforms after the government's decision to ban Chinese apps in 2020.

Meanwhile, local brand ShareChat, which also owns the short video app and ShareChat's sister firm Moj had last month announced its initiative to facilitate creator earnings worth Rs 3,500 crore through the 'Moj For Creators' programme. The company said that this programme is Moj's flagship creator initiative that builds a path for accelerated growth for Moj creators at different stages in their journey.

"Our creators are the heart and soul of Moj, and it has been our constant endeavor to encourage them and celebrate their talent. We acknowledge the value and potential of Indian creators, and 'Moj For Creators' represents our commitment to their success," Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj, had said in a statement.