Snap and Twitter support India's response to TikTok

Snap and Twitter help India’s response to TikTok

The $ 502 million spherical of financing was led by funding companies Tiger World and Lightspeed Enterprise Companions, and It boosted Mohalla Tech’s valuation to simply over $ 2 billion, the corporate stated in a press release on Thursday. A ShareChat spokesperson advised CNN Enterprise that that is Snap’s first funding within the firm, whereas Twitter has participated in two earlier rounds.

“With this capital injection, we are going to proceed to develop our consumer base vigorously,” Ankush Sachdeva, CEO of Mohalla Tech and co-founder of Mohalla Tech, stated in a press release.

Mohalla Tech’s fundraising results in the rising membership of unicorns of India, or tech startups valued at over a billion {dollars}. Till now, 2021 It was an important yr for the Indian startup ecosystem, with not less than eight years Other companies Get unicorn standing.

Mohalla Tech, based in 2015, has raised greater than $ 766 million In six funding rounds. It has 280 million customers throughout its two merchandise – ShareChat and the quick video app Moj.

The latter was launched much less two days ago After Prime Minister Narendra Modi’s authorities banned TikTok and different Chinese language apps in June final yr. Moj says it has already collected 120 million month-to-month energetic customers, exhibiting India’s eager curiosity find alternate options to the favored Chinese language apps that stay banned within the nation.

Tiger World accomplice Scott Schleifer stated in a press release.