Mohalla Tech has raised $502 million from investors led by Lightspeed Ventures and Tiger Global, raising its value to over $2.1 billion.
The Indian company had started in 2015 and came up with products such as Sharechat and Moj, the short-video app. The number of users they have has come up to 280 altogether.
India’s startups have a new high of fundings this year, where a minimum of five has reached the value of $1 billion or more this week, which is the unicorn status of the tech industry. This contains Meesho, Groww and API Holdings.
Mohalla Tech had made it to that point because of the newest funding which also came from Snap and Twitter.
Sharechat has a value of more than $2 billion as of Thursday, once it had announced that it had raised $502 million from the funding of Lightspeed Venture Partners, Tiger Global, Snap and Twitter. After the Indian government had banned many apps from China, the demand for these apps had grown.
“We are at an exciting inflexion point in our journey, where we are going after a massive opportunity with the right team in place and the backing of long-term investors who have a deep conviction in our mission,” the co-founder and chief executive officer of ShareChat, Ankush Sachdeva said.