wordpress blog stats
Connect with us

Hi, what are you looking for?

ShareChat raises $502 million, now valued at $2 billion

On Thursday, ShareChat announced that it raised US$502 million from Tiger Global, Lightspeed, Twitter, Snap and other investors. The investment, at a valuation of US$2 billion,  has leapfrogged the social media company into the unicorn club which has seen 8 other Indian entrants since the start of this year.

The company began exploring funding opportunities with investors months ago and had also considered a acquisition deal with Twitter. ShareChat has 160 million monthly active users (MAUs) in 15 languages. Sharechat was valued at US$650 million at its last financing round in 2020.

The company’s growth was no doubt bolstered by the banishment of Bytedance’s TikTok from India. Within day of the app being banned in India, ShareChat developed and launched its own short video app Moj, which now has 120 million MAUs.

When we saw a large vacuum emerge on June 29 with a lot of short-video apps exiting the market — we knew this opportunity was for us. There were millions of short-video creators already trained for creating that content supply. The real game was therefore going to be on building the most relevant feed for the user and we were the only Indian company that had built a world-class feed recommendation system for short-form content.

ShareChat said it applies artificial intelligence to understand content semantics and quality. The company says it develops “multimodal” machine learning models, which can process visual, audio, and text data “to make machines interpret content in the same way as humans do”. These representations are used to effectively match a post to the right set of users, but also to “address” safety concerns such as removing NSFW, baitish, and spammy content. The company said its “AI-first” approach in Moj has led to 50% higher retention and 2x the number of Daily-Active Users compared to its closest competitor.

Source: ShareChat

Read more 

Advertisement. Scroll to continue reading.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ