ShareChat Bags $16 Mn Debt Funding From EDBI, Round Size Increases To $65 Mn

ShareChat Bags $16 Mn Debt Funding From EDBI, Round Size Increases To $65 Mn

SUMMARY

ShareChat raised the funds by issuing convertible debentures to Singapore-based fund EDBI, which is a new investor in the startup

In April, Inc42 exclusively reported about ShareChat raising $49 Mn via convertible debentures from its existing investors Lightspeed, Temasek, Alkeon Capital, among others

ShareChat also let go of around 40 employees earlier this week, citing poor performance

Social media platform ShareChat has raised $16 Mn debt funding from new investor, Singapore-based fund EDBI, expanding the size of its previous debt round to $65 Mn, sources said. 

The Google-backed startup, which has been battling a funding crunch, raised the funds by issuing convertible debentures, the sources told Inc42.

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