ShareChat raises $18 million from Xiaomi Singapore, many others in Sequence B round

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Farid Ahsan, co-founder of ShareChat. Photo: Hemant Mishra/Mint

Farid Ahsan, co-founder of ShareChat. Picture: Hemant Mishra/Mint

Bengaluru: Indian social media system ShareChat, run by Mohalla Tech Pvt. Ltd, has raised $18.2 million in a Sequence B funding round led by Chinese smartphone maker Xiaomi Singapore and Shun Wei Funds, the corporation mentioned in a assertion.

Existing traders which includes SAIF Associates, Lightspeed Associates, India Quotient, and Enterprise Freeway also participated in the round.

The corporation will use the fresh new resources to develop its technological abilities, particularly for servers, and to use throughout segments which includes machine finding out and synthetic intelligence, Farid Ahsan, co-founder of ShareChat, mentioned in an job interview.

The agency experienced beforehand raised $four million in a Sequence A round in November 2016.

ShareChat is an Indic language social media system, which was released in 2015 with assist for languages like Hindi, Telugu, Marathi, Gujarati, Punjabi and Malayalam. It will allow end users to share posts and updates in textual content, movie, GIFs and audio formats. It presently has above 8 million monthly active end users.

Ahsan mentioned that following the launch of Reliance Jio Infocomm Ltd in 2016, multimedia use experienced long gone up considerably. “Video use utilised to be at ten% pre-Jio, now videos contribute to close to 35% of the platform’s use,” he mentioned, citing an example.

In an before conversation with Mint, Sharechat co-founder Ankush Sachdeva experienced mentioned movie use quadrupled on Sharechat following the launch of Jio in September 2016. Online video use was five million minutes per working day in August 2017 this touched 18 million minutes per working day by December 2017.

“Vernacular content material use in India has witnessed a meteoric rise in the final 2 yrs escalating from forty two million in 2011 to 234 million in 2016. These numbers are a great indicator of the big opportunity offered for solutions, concentrated on the vernacular audience,” Sachdeva mentioned in a assertion.

The content material section in India, which around incorporates movie streaming, news aggregation and vernacular social media platforms, has observed an enhance in use because of to the availability of less costly information and smartphones in the Indian current market.

In accordance to the Net Traits 2017 report by undertaking money agency Kleiner Perkins Caufield Byers, eighty% of all world wide web targeted visitors in India arrives from cellular, a proportion which is second best in the globe. Out of this, a majority of the cellular utilization is movie. Cisco’s Visible Networking Index (VNI) Forecast revealed that movie use touched 50 percent (50%) of India’s cellular information targeted visitors by the finish of 2017.

At minimum two content material get started-ups have raised funding from traders in the the latest past. Online video-sharing system Clip raised $six million led by Matrix Associates India in December 2017. In the exact same month, content material sharing get started-up YouQuote raised $1 million in a seed funding round led by IDG Ventures India. Mint reported in November 2017 that self-publishing system Pratilipi (Nasadiya Tech Pvt. Ltd) was in talks with traders to raise fresh new resources.

Aside from this, content material and news concentrated get started-ups this sort of as InShorts, YourStory, ScoopWhoop, FactorDaily and The Ken acquired dollars from undertaking traders and many others in the past.

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