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ShareChat India’s latest unicorn

ShareChat has raised $502 million in fresh funding from Tiger Global, Snap Inc and some existing investors such as Twitter Inc, valuing it at more than $2 billion. The content-sharing platform’s valuation makes it India’s latest “unicorn”, which describes tech startups valued at more than $1 billion. The funding to ShareChat was led by U.S. venture capital firm Lightspeed Venture Partners and American investment firm Tiger.ShareChat is now valued at little more than $2.1 billion, it said, adding that new funds will be used to double down on technology initiatives and support user growth.
The funding signals growing investor interest in Indian social media apps that are looking to tap into pent-up demand after New Delhi banned dozens of Chinese apps, including ByteDance’s TikTok, following an India-China border clash last year.

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