ShareChat To Raise $60 Mn Via Convertible Notes From Google, Lightspeed At $2.8 Bn Valuation

ShareChat To Raise $60 Mn Via Convertible Notes From Google, Lightspeed At $2.8 Bn Valuation

SUMMARY

ShareChat, which was last valued at around $4.9 Bn, is in advanced talks to raise the funding from Google, Lightspeed, Temasek at a discounted valuation of $2.8 Bn, sources said

The startup will close the funding round, which is also expected to see participation from many other existing investors, by the end of January, the sources said

Amid mounting losses, ShareChat fired about 200 employees, or 15% of it workforce, this week in its second round of layoffs in 2023

Social media platform ShareChat, which has been on a cost-cutting spree, is in advanced stages of discussion to raise around $60 Mn in a funding round from its existing investors, including Google, Lightspeed, and Temasek, sources told Inc42. “The funding round will close by the end of January, and can also see participation from many other existing investors of ShareChat,” one of the sources said.

The funds will be raised via convertible notes at a discounted valuation of $2.8 Bn, people aware of the development said. 

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