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Twitter leads $100M round in top Indian regional social media platform ShareChat
Is there room for another social media platform? ShareChat, a four-year-old social network in India that serves tens of million of people in regional languages, just answered that question with a $100 million financing round led by global giant Twitter . Other than Twitter, TrustBridge Partners, and existing investors Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital also participated in the Series D round of ShareChat. The new round, which pushes ShareChat’s all-time raise to $224 million, valued the firm at about $650 million, a person familiar with the matter told TechCrunch. ShareChat declined to comment on the valuation. Screenshot of Sharechat home page on web “Twitter and ShareChat are aligned on the broader purpose of serving the public conversation, helping the world learn faster and solve common challenges. This investment will help ShareChat grow and provide the company’s management team access to Twitter’s executives as thought partners,” said Manish Maheshwari, managing director of Twitter India, in a prepared statement. Twitter, like many other Silicon Valley firms, counts India as one of its key markets. And like Twitter, other Silicon Valley firms are also increasingly investing in Indian startups. ShareChat serves 60 million users each month in 15 regional languages, Ankush Sachdeva, co-founder and CEO of the firm, told TechCrunch in an interview. The platform currently does not support English, and has no plans to change that, Sachdeva said. That choice is what has driven users to ShareChat, he explained. The early incarnation of the social media platform supported English language. It saw most of its users choose English as their preferred language, but this also led to another interesting development: Their engagement with the app significantly reduced. The origin story “For some reason, everyone wanted to converse in English. There was an inherent bias