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Update: ShareChat secures series B funding of $18mn from Xiaomi and others

Bangalore-based Indic-language social networking app ShareChat has secured series B funding of $18 million (approx Rs 116) crore from Chinese smartphone company Xiaomi and its existing investors like SAIF partners,  Lightspeed Partners, India Quotient, and Venture Highway. The development was first reported by VCCircle. The publication had found the development in company’s ministry of corporate affairs’ filings. Focused on disrupting the vernacular content space with an innovative platform, the new round of investment will be used to strengthen the Machine Learning and AI efforts of the company, with a major focus on expanding the aforesaid technology divisions. With a monthly user base of 8 million+, ShareChat also plans to utilise the funds for rapid expansion and efficiently manage increasing cloud infrastructure costs. The company said that it will use the fresh funding to expand technology for the platform and will strenghthen its foothold…

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