ShareChat bags $16M from EDBI, lays off 5% of workforce
The newly acquired funds will be utilised to enhance ShareChat's advertising tech stack and to expand its consumer transactions business.
Social media company has raised $16 million in its latest debt round from Singapore-based EDBI.
The newly acquired funds will be utilised to enhance the company's advertising tech stack and to expand its consumer transactions business, including investing in new monetisation features for its creator ecosystem.
Additionally, Moneycontrol reported that the company has laid off about 5% of its workforce, which is approximately 30-40 employees, following a bi-annual performance review.
“The fact that ShareChat could attract new investment from a sovereign fund like EDBI is a significant positive sign. Attracting new investors of this calibre in today’s cautious private investment environment reflects that the market is taking note of the company’s progress towards building a profitable business,” a company spokesperson said.
It raised $49 million in a debt round led by , Temasek, Alkeon Capital, Moore Strategic Ventures, and , in April this year.
Founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan, ShareChat is a social media company with over 325 million monthly active users. Its portfolio includes the ShareChat App and video app Moj, the former boasting over 180 million monthly active users.
ShareChat offers content in over 15 languages and collaborates with over 200 advertisers, including HUL, Maruti, P&G, Hero, and Samsung.
Launched in July 2020, Moj has a monthly active user base of nearly 160 million. ShareChat is supported by prominent investors such as Temasek Holdings, Google, The Times Group, Alkeon Capital, and Tiger Global.
(Disclaimer: This copy has been updated to correct a factual error.)
Edited by Jyoti Narayan