ShareChat to close a $300 million deal with Google

Google and a few others are reportedly in discussion with Mohalla Tech’s ShareChat for a $300 million funding for the short video platform. It is based on a $5 billion valuation and the deal is expected to be closed by this month.

Google, Temasek, and others back ShareChat

Ever since TikTok (formerly Musical.ly) came into existence, the platform changed the video creation process to a whole new level. Short videos were embraced and shortly, other popular apps like Youtube and Instagram came up with their alternative – Shorts and Reels.

While these international giants were growing all over the world, Indian startups like ShareChat, MX TakaTak, and Moj were also coming into the picture. As of today, ShareChat has over 180 million users, and Alphabet Inc’s Google appears to be enthralled by its popularity, as it does its second backing for an Indian short video platform.

Mohalla Tech, ShareChat’s parent company is in talks with Google to close a $300 million funding over a $5 million valuation, as reported by Reuters. Google’s just one big name, there’s also Temasek and others investors backing the Indian start-up Mohalla Tech. The deal is expected to end in June.

“Mohalla Tech is in an advanced stage of discussion with Google, existing investor Temasek and other investors to close a USD 300 million funding round. The transaction is expected to value ShareChat at around USD 5 billion,” said an industry source.

When asked to comment about the deal, Mohalla Tech did not respond. Google and Temasek as well didn’t reveal any tidbits about the funding.

While the popular short video sharing platform, ShareChat is getting backing from reputed giants, it is worth noting that it is not the only company that Google invested in. Some time ago, Google also invested in Josh, another Indian short video platform that competes ShareChat.

It shows how much potential the short video space has in markets like India. As said above, ShareChat has 180 million monthly active userbases. The numbers themselves reveal the knack of the short video apps. Moj and MX TakaTak, which was recently acquired by Mohalla Tech, in total have a 300 million userbase.

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