New Delhi: Homegrown social media company ShareChat on Monday announced it has raised US$49 million (about Rs 407 crore) through convertible debentures from existing investors Lightspeed, Temasek and Alcan Capital, among others.
According to a release, the capital raise will help the company further invest in its ad targeting technology as well as continue the growth of its consumer transaction businesses on ShareChat Live and Moz Live.
"ShareChat (Mohalla Tech Pvt Ltd)...has today raised its USD 4 million funding through convertible debentures led by existing investors Lightspeed, Temasek, Alcan Capital, Moore Strategic Ventures and HarbourVest, among others," the release said. "Announced the round closed."
ShareChat app is already operationally profitable, and short video app Moj is expected to achieve operating profitability in the next few months.
As the company moves towards profitability, it has announced an organization-wide ESOP bonus program that will double ESOP ownership for all its current employees.
The move is aimed at retaining top talent and rewarding them for taking the company to a better position financially.
Ankush Sachdeva, CEO and co-founder of ShareChat and Moz, said the new funds will be used to fuel strong monetization plans and take the company on its path to equilibrium and beyond.
“The continued support of existing investors in a challenging financial environment is a resounding vote of confidence in the path we have taken over the past years to accelerate our path towards profitable growth,” Sachdeva said.
According to a release, the capital raise will help the company further invest in its ad targeting technology as well as continue the growth of its consumer transaction businesses on ShareChat Live and Moz Live.
"ShareChat (Mohalla Tech Pvt Ltd)...has today raised its USD 4 million funding through convertible debentures led by existing investors Lightspeed, Temasek, Alcan Capital, Moore Strategic Ventures and HarbourVest, among others," the release said. "Announced the round closed."
ShareChat app is already operationally profitable, and short video app Moj is expected to achieve operating profitability in the next few months.
As the company moves towards profitability, it has announced an organization-wide ESOP bonus program that will double ESOP ownership for all its current employees.
The move is aimed at retaining top talent and rewarding them for taking the company to a better position financially.
Ankush Sachdeva, CEO and co-founder of ShareChat and Moz, said the new funds will be used to fuel strong monetization plans and take the company on its path to equilibrium and beyond.
“The continued support of existing investors in a challenging financial environment is a resounding vote of confidence in the path we have taken over the past years to accelerate our path towards profitable growth,” Sachdeva said.
