ShareChat, widely seen as the largest Indian social media venture, has raised a fresh round of funding as well, to double down on product development and to expand the reach of its new short-video creation and sharing platform, Moj
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ShareChat, one of India’s top social media ventures, supporting 15 local languages, has completed a pre-series E fund-raising round of $40 million, as it seeks to further grow the Indic content and media ecosystem online.
The money will be used to grow the reach of Moj, the venture’s newly launched short-video platform. Large parts of the fund have been earmarked towards product development, growing Moj’s creator ecosystem and establishing partnerships with music labels, ShareChat said in a press release September 24.
“ShareChat is on a rapid growth path and is spearheading the growth of the Indic language social media landscape,” Ankush Sachdeva, CEO and co-founder said in the release. “Our short-video platform Moj has been on an explosive growth trajectory since its launch. This funding will help us further invest into our product development, ML (machine learning) capabilities and helping the creator community.”
As India’s internet usage begins to spread significantly beyond the English-speaking user base, ventures such as ShareChat aren’t the only ones to tap into the trend. E-commerce giants Amazon and Indian rival Flipkart, a Walmart unit, have launched support for local languages beyond Hindi.