The emerging Indian social networking application ShareChat is apparently attracting interest in technology circles in the US
TechCrunch’s Manish Singh reported Monday that Google and Snap Inc. are at an advanced stage of talks to participate in a new Series E funding round that would value the Indian company at over $ 1 billion.
Google hadn’t yet responded to a request for comment at the time of this post, and Snap declined to comment.
Twitter, which led a $ 100 million investment round in ShareChat in August 2019, along with other existing investors, is a potential participant in the new funding round, sources familiar with the process said Singh.
The new round will be over $ 200 million, with more than $ 100 million from Google, Singh reported.
Google has been an active investor in India, investing $ 4.5 billion in the Jio Platforms telecommunications network last November. Last December, two Indian startups lost their engagement: Glance, which provides smartphone lock screen content, and VerSe Innovation, parent company of DailyHunt, which provides news and entertainment content in 14 Indian languages.
Facebook also made a significant commitment to Jio Platforms last April, agreeing to invest $ 5.7 billion.
The new round of funding would be Snapchat’s parent company’s first investment in an Indian startup.
ShareChat supports 15 languages in India with over 100 million Android installations through the Google Play Store. The app currently ranks 7th in the social networks category in the iTunes App Store.
The company also offers a short video creation app, Moj, which has been installed more than 50 million times through Google Play and is also available for iOS. ShareChat said last September that Moj had over 80 million monthly active users.