Local language social networking app, ShareChat is in the final stages of closing one of the largest early-stage funding rounds at $100 million(₹670 crore), led by Chinese mobile phone manufacturer Xiaomi, its founder Lei Jun’s venture capital fund Shunwei Capital.
Hong Kong-based Morningside Ventures is also part of the fresh funding round. Through this latest influx of cash, ShareChat, one of the most promising internet startups in the country, will be valued at $400 million (₹2,680 crore) — a nearly five-times the value from its previous fundraise last year.
ShareChat was founded by IIT-Kanpur graduates Ahsan, Bhanu Pratap Singh and Ankush Sachdeva. Since the launch, the company has kept itself away from the top rung of English speaking internet users. Their niche local language speakers.
Both Xiaomi and Shunwei are existing backers of ShareChat, while Morningside — an early-stage fund that manages over $1.5 billion in capital — is the likely new investor on board.
This trend indicates that in coming days, local language networking startups are likely to get more investment from big players.