Social networking app Sharechat to raise ₹99 crore in Series B round

Shareapp, which is a social networking app available in local languages, is reportedly all-set to raise around ₹99 crore ($15 million) in its Series B round.

The new funding round is expected to be led by Chinese smartphone maker Xiaomi and venture capital firm Shunwei Capital. The development was first reported by Economic Times.

In this funding round, the social networking app is expected to be valued at around ₹428 crore to ₹460 crore. The raised amount will be used for product improvement and adding support more languages.

The company is also expected to use a portion of the in-coming funding for recruiting developers and data scientists in its team. A person aware of the development, said to Economic Times:

Sharechat has about four million monthly active users who share at least 200,000 posts daily. The kind of users it has attracted are diverse, such as a Malayali professor or a Punjabi truck driver.

ShareChat, which is based out of Bengaluru, had previously raised about ₹26 crore ($4 million) in its Series A funding round from SAIF Partners and India Quotient.

It was founded in October 2015 by three IIT Kanpur alumni ‑ Farid Ahsan, Bhanu Singh and Ankush Sachdeva. They launched ShareChat as a tool for discovering and sharing content on WhatsApp.

The platform is claimed to supports more than 55 different content formats, which includes jokes, videos, health tips, stories and newspapers, among others.

To ensure that the platform stays clean of inappropriate content, Farid Ahsan, co-founder of the company, says that the content circulated on its platform is monitored by the firm’s local languages team.