Sharechat raises $18.2M funding led by Xiaomi, ShunWei Capital

Social networking app ShareChat has raised $18.2 million in a series-B funding round led by Xiaomi and Chinese venture capital firm ShunWei Capital, according to MCA filings.
 
ET was the first to report that the digital networking startup was raising funds from Xiaomi and Shunwei Capital in September 2017.
 
The funds raised are being used for machine learning and artificial intelligence technology, with a major focus on expanding both the technology divisions.
 
ShareChat's Android app is currently available in over 10 regional languages, including Hindi, Bhojpuri, and Odia. It does not have an app for Apple devices.
 
"Vernacular content consumption in India has witnessed a meteoric rise in the past two years growing from 42 million in 2011 to 234 million in 2016. To capitalise on this, we at ShareChat, aim to use innovative technology in order to optimise social media content for this new set of Indian users," said Farid Ahsan, co-founder of ShareChat.
 
Sharechat previously raised $4 million in series-A funding in November 2016 at an undisclosed valuation.
 
Early investors in the company include Lightspeed India Partners, SAIF Partners, and India Quotient. Launched in January 2015, the company is founded by IIT-Kanpur graduates Ahsan, Bhanu Singh and Ankush Sachdeva.
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