ShareChat said on Thursday it had raised a new round of funding that valued it at more than $ 2 billion, joining four other local startups to achieve unicorn status this week.
The Indian social network said it had raised $ 502 million in a new funding round led by Tiger Global that valued ShareChat at $ 2.1 billion. Snap and Twitter also participated in the round, ShareChat said.
The startup began engaging with investors for the new funding round about 10 months ago and explored a full buyout deal with Twitter, which did not materialize, TechCrunch reported earlier.
ShareChat, which claims to have over 160 million users, offers its social networking app in 15 Indian languages and has a large following in small Indian towns, or what venture capitalist Sajith Pai of Blume Ventures calls “India 2 “. Very few actors in the Indian startup ecosystem have a reach on this segment of this population which, thanks to users in even smaller towns and villages – called “India 3” – has grown in recent years.
This is a developing story. More soon…