In the past few days, several reports claimed that Bengaluru based vernacular language social media platform ShareChat has raised $35-$40 million from existing investors in a bridge round as the company looks to replace TikTok with its new short video app Moj.
According to the sources, this internal round will help ShareChat drive adoption of its core platform along with Moj that is expected to cross the 50 million downloads mark in a few weeks from now.
But interestingly, according to the ET’s report ShareChat denied the development. In an official statement, the company spokesperson said, “ShareChat does not generally comment on market speculations. However, we can confirm there has been no such development at this time.”
Meantime, there are several other reports also, including ETs’, that said ShareChat is in talks with investors to raise up to $200 million. The development came soon after the Indian government banned 59 Chinese apps, including popular apps TikTok and Helo.
ShareChat last raised $100 million from Twitter and existing backers in August 2019. ShareChat’s investors also include Lightspeed Venture Partners, Saif Partners, TrustBridge Partners, India Quotient, and Shunwei Capital.
After TikTok’s ban, about a dozen short video apps have come up in the market vying to replace the popular app, which had 200 million registered users in India.