New Delhi, March 27, 2024
Social media platform ShareChat has raised $48.8 million via convertible debentures from its existing investors that include Temasek and Lightspeed.
Startup news website Inc42 reported on Wednesday, citing the startup’s regulatory filings, that the funding round will help ShareChat “navigate the path to profitability in the next 12 to 15 months”.
The company is also reportedly in discussions with investors for a larger equity funding round, the report mentioned.
Overall, ShareChat has raised a funding of over $1 billion to date.
Reports surfaced last December that ShareChat was set to raise up to $65 million from existing investors.
Existing investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others were to participate in the funding round.
ShareChat had laid off 200 employees, or about 15 per cent of its workforce, in December as part of strategic restructuring.
Mohalla Tech, the parent company of ShareChat and short video entertainment app Moj, had said that the decision reflects the company’s commitment to streamlining its cost base and achieving profitability within the next 4-6 quarters.
ShareChat’s net loss reached Rs 4,064.3 crore in FY23 from Rs 2,941.5 crore in FY22, while revenue went up 62 per cent to Rs 540.21 crore.(Agency)
