Mohalla Tech, the parent company behind Moj and ShareChat, has raised $145 million as an extension of Series F. At a valuation of $2.88 billion, the investment has been led by Singapore state investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund which is jointly set up by Mirae Asset and South Korean web portal Naver Corp. This is an additional investment beyond the $502 million raised in April this year.
Investments raised this year including this additional capital infusion will help the company double down its strategic priorities of building best in class AI Feed, attracting and incentivising diverse creator base and amplifying platform health and safety.
The company has hired senior executives in the AI/ML spaces in recent months in the UK and the US and continues to aggressively look for more senior talents in this space.
Commenting on the latest funding round, Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat said, “This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities. With a monthly active user base of 160 million and 50+ million strong creator community, Moj in a year has grown into India’s number one short video app. To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools and helping our creators monetize on the platform”
James McIntyre, Senior Managing Director and COO at MSV said, “This round will help to accelerate growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike.”
Founded in 2015, Mohalla Tech has now raised over $911 million across seven fundraising rounds. Moj and ShareChat together, with a 340 million-strong user community, envision building a cohesive AI-powered content ecosystem to address India’s growing digital needs.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)