Bengaluru-based social platform ShareChat, has closed a $4 Mn Series A round of funding, led by Lightspeed India Partners. Existing investors, SAIF Partners and India Quotient along with Venture Highway (through VH Capital).
Earlier in July 2016, it raised $1.35 Mn in a Seed round of funding from SAIF Partners and India Quotient. Prior to this, ShareChat had raised $100K from India Quotient in 2015 and and plans to raise $8 Mn-$10 Mn by the end of this year.
Dev Khare, from Lightspeed India Partners said, “ShareChat is poised to be a big problem solver for the largely-ignored mass market of India. The audience definitely needs a product which is relevant to their mindspace and we believe ShareChat balances this need of a content+social discovery platform in the best fashion.”
Anand Lunia from India Quotient further added, “When we invested two years ago, we just had a team and an idea to build a social network for the masses. From the days of ideating in our office, the team has come a long way and has grown along with the business. We rate them as the best product team we have worked with, especially their approach of blending data with experiments.”
The fresh round of funds will be employed majorly for going deep into the vernacular ecosystem. As stated by Farid Ahsan, one of the founders of ShareChat, a lot of work is required on their part to make ShareChat a household brand, digging deep into the user base, and to bring even more interesting infotainment and utilities for ever-expanding Indian market.
ShareChat was founded by IIT-Kanpur alumni, Farid Ahsan, Bhanu Singh and Ankush Sachdeva, in October 2015. Initially, started as a content sharing tool for WhatsApp with users sharing about 1 Lakh content pieces per day, the startup has now evolved into a social networking platform.