Mohalla Tech — the parent company of social platforms Moj and ShareChat — on Tuesday said it has raised USD 145 million (about Rs 1,078.3 crore) in funding from Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund at a valuation of USD 2.88 billion. Mirae-Naver Asia Growth Fund is jointly set up by Mirae Asset and South Korean web portal Naver Corp.
The latest fund infusion is an extension of Series F and is in addition to the USD 502 million investment received in April this year, a statement said. ‘Investments raised this year, including this additional capital infusion, will help the company double down its strategic priorities of building best in class AI Feed, attracting and incentivising diverse creator base and amplifying platform health and safety,’ it added.
The company has hired senior executives in the AI/ML (artificial intelligence/machine learning) spaces in recent months in the UK and the US and continues to aggressively look for more senior talents in this space, the company said. Moj and ShareChat together, with a 340 million-strong user community, envision building a cohesive AI-powered content ecosystem to address India’s growing digital needs, it added.
Ankush Sachdeva, CEO and co-founder of Mohalla Tech said this additional investment for Series F is a reflection of investor trust in the company’s execution capabilities. ‘We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months. With a monthly active user base of 160 million and over 50 million-strong creator community, Moj in a year has grown into India’s number one short video app,’ he added.
To strengthen its leadership position, the company will continue to invest in AI capabilities, scaling global AI setup, building advanced editing tools and helping creators monetise on the platform, Sachdeva said. ‘… (We) have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike,’ James McIntyre, Senior Managing Director and COO at MSV, said. Founded in 2015, Mohalla Tech has raised over USD 911 million across seven fundraising rounds.
Categories: Venture Capital