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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…



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