Mohalla Tech Raises $266 Million In Series GThe funds will be utilized to expand its global market and strengthen the AI/ML team
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Mohalla Tech, the parent company behind Moj and ShareChat, has raised $266 million as part of its Series G round. The investment was led by Alkeon Capital with participation from new and existing investors.
The funds will be utilized to build deep capabilities on priority areas such as social and live commerce, expand AI/ML team and spread across the markets of the US, Europe and India.
"Moj and ShareChat have been growing at an explosive pace. Both our products have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position and help us deliver immersive social experiences to our community," said Ankush Sachdeva, CEO and co-founder, Moj and ShareChat.
"By leveraging multiple apps, ShareChat is building the leading social media platform in India. In one of the fastest-growing and most dynamic Internet markets in the world with an estimated 600 million - plus users, ShareChat is already entrenched as the largest and most engaging social and digital media platform. We are excited to partner with them and support ShareChat's best-in-class management team," said Deepak Ravichandran, general partner at Alkeon Capital.
Founded in 2015, Mohalla Tech has now raised over $1.177 billion across eight fundraising rounds. This has helped both Moj and ShareChat to continue their growth journey, differentiate and deliver immersive social media experiences. Moj is India's number one short video app with the highest monthly active users base. ShareChat, the Indic language social media platform, is positioned uniquely with an average user time spent of 31 minutes daily. Moj and ShareChat together, with a 340 million-strong user community, envision building a cohesive AI-powered content ecosystem to address India's growing digital needs, said a statement.
