ShareChat, a Twitter-backed Indian social media platform that caters for customers in 15 regional languages, is one in every of many companies trying to fill the hole left by China’s TikTok app after it was banned in India.
TikTok had round 200 million customers within the nation when New Delhi introduced the ban in late June, citing nationwide safety considerations. Simply days later, ShareChat launched its personal short-video platform, Moj.
“We’ve been very, very opportunistic as a result of we figured that this can be a giant vacuum, it’s a big alternative of short-video market, and due to this fact, we launched on that product,” Ankush Sachdeva, co-founder and CEO of ShareChat, instructed CNBC on Monday.
“I nonetheless consider there’s a giant urge for food for short-video content material and if we are able to present a extremely good expertise, that primarily interprets to a extremely good AI-backed feed, there’s a giant market to be captured,” he added.
Moj now has greater than 80 million month-to-month lively customers who spend on common 34 minutes on the platform daily. ShareChat itself has grown “exponentially,” having amassed 160 million month-to-month lively customers, up from 60 million throughout the identical interval final yr.
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The corporate stated it raised $ 40 million final week in pre-Sequence E funds from a wide range of traders. The startup, which has raised round $ 264 million up to now, can be eager about increasing outdoors of India, although such plans are at an early stage.
“India might by no means have dreamt of getting a homegrown social media platform, had ShareChat not launched into the inconceivable in 2015,” stated Madhukar Sinha, a companion at India Quotient, one of many earliest backers of ShareChat.
He added that the corporate’s “success has given immense hope to India’s startup fraternity, and motivated entrepreneurs to take audacious bets in India’s web ecosystem.”
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