$18 million raised by ShareChat from Xiaomi Singapore, others in Series B round
A sum of $18.2 million have been raised by the Indian social media platform ShareChat, run by Mohalla Tech Pvt. Ltd in a Series B funding round led by Chinese smartphone maker Xiaomi Singapore and Shun Wei Capital.SAIF Partners, Lightspeed Partners, India Quotient, and Venture Highway, its existing investors also participated in the round.“Vernacular content consumption in India has witnessed...
A sum of $18.2 million have been raised by the Indian social media platform ShareChat, run by Mohalla Tech Pvt. Ltd in a Series B funding round led by Chinese smartphone maker Xiaomi Singapore and Shun Wei Capital.
SAIF Partners, Lightspeed Partners, India Quotient, and Venture Highway, its existing investors also participated in the round.
“Vernacular content consumption in India has witnessed a meteoric rise in the last 2 years growing from 42 million in 2011 to 234 million in 2016. These numbers are a great indication of the huge opportunity available for products, focused on the vernacular audience,” Sharechat co-founder Ankush Sachdeva said in a statement to an English Daily.
Sharechat, and its existing investors Lightspeed Ventures, SAIF Partners and India Quotient in the fundraise, were advised by the Link Legal team led by Partner Manish Gupta, Senior Associate Shivam Tandon, and Associate Suraj Prasad Meher.
IndusLaw represented Xiaomi Singapore and Shunwei Capital as their legal advisors in the transaction by their Bengaluru-based team, comprising Partners Srinivas Katta and Winnie Shekhar; Senior Associate Gayatri Menon; and Associates Sanjana Ramkumar and Pavani Nath.