Tech giant Google is in talks with Bengaluru headquartered social media platform ShareChat to invest in the firm. ShareChat is looking to raise $150-200 million and Google can participate in this funding round.
This is reported by ET on the basis of a source familiar with the matter. At present the regional social media platforms like ShareChat witness a huge surge, especially in terms of short-video sharing platforms.
Reportedly, ShareChat is in discussion with investors and technology companies for the fresh round. The company clearly wants to raise fresh funds to promote its newly launched short-video app, MOJ. As the company also wants to prepare for the battle with over a dozen rivals to fill the gap left by banned Chinese apps, like TikTok and Helo.
Meanwhile report also suggests that this time JPMorgan is advising the company in raising funds. Notably, ShareChat owns a regional language social media platform that competed with ByteDance’s recently banned Helo.
ShareChat’s In Discussion With These Investors, Reports
Interestingly, Google is not the only prospect investor for the firm. ShareChat had also held discussions with Microsoft, reported by Mint. However, this highly popular social media firm already counts microblogging platform Twitter as one of its investors. And also said in discussions with existing investors, like SAIF Partners, Lightspeed Venture Partners, etc.
These speculations become more strong as in July, Google announced a $10 Billion India dedicated fund. Google is going to invest this fund in Indian companies over the next five to seven years.
With its news foray into India’s short-video app space, ShareChat starts directly competing with Dailyhunt’s Josh, MX Player’s TakaTak, Chingari, Trell, Rizzle, and many others.