The $502 million funding spherical was led by funding corporations Tiger Global and Lightspeed Venture Partners, and boosted the valuation of Mohalla Tech to a bit over $2 billion, the corporate stated in a press release on Thursday. This is Snap’s first funding within the firm, whereas Twitter has taken half in two earlier rounds, a ShareChat spokesperson advised NCS Business.
“With this infusion of capital we would continue to aggressively grow our user base,” Mohalla Tech CEO and co-founder Ankush Sachdeva stated in a press release.
Mohalla Tech, which was based in 2015, has raised over $766 million in six funding rounds. It has 280 million customers throughout its two merchandise — ShareChat and quick video app Moj.
“Moj is well positioned to seize the opportunity presented by the growth of short video in India. We are impressed with the team’s understanding of these rapidly evolving technologies and its ability to execute quickly,” stated Scott Shleifer, companion at Tiger Global, in a press release.