India's ShareChat, Moj Raise US$145 Million From Temasek, Moore Strategic Ventures

   By Justina Lee

Twitter Inc.-backed Indian social media platforms ShareChat and Moj have raised US$145 million in a new funding round that values them at US$2.88 billion.

The latest round was led by Singapore state investment fund Temasek Holdings and U.S.-based private equity firm Moore Strategic Ventures, ShareChat and Moj's parent company, Mohalla Tech, said in a statement Tuesday. A venture between South Korean web portal Naver Corp. and Mirae Asset also participated.

The 15-language ShareChat platform has more than 180 million monthly active users, and also owns short-video app, Moj.

Mohalla Tech, which also counts Twitter as an investor, has now raised more than US$911 million in seven fundraising rounds, including US$502 million in April. Funding will go toward building artificial-intelligence capacity and attracting a diverse creator base, the company said.

The fresh investment comes as Indian-based social media apps gain attention in India, following Delhi's ban last year of Chinese apps, such as ByteDance's TikTok, amid border clashes between the two countries.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

July 27, 2021 05:56 ET (09:56 GMT)

Twitter (NYSE:TWTR)
Historical Stock Chart
From Mar 2024 to Apr 2024