ShareChat said on Thursday it has raised a new financing round that values it at over $2 billion, joining four other local startups in attaining the unicorn status this week.
The Indian social network said it has raised $502 million in a new financing round led by Tiger Global that valued ShareChat at $2.1 billion. Snap and Twitter also participated in the round, said ShareChat.
The startup began engaging with investors for the new financing round about 10 months ago, and explored a f ull buy out deal with Twitter , which didn't materialize, TechCrunch reported earlier.
ShareChat, which claims to have over 160 million users, offers its social network app in 15 Indian languages and has a large following in small Indian cities and towns, or what venture capitalist Sajith Pai of Blume Ventures refer as “India 2.”; Very few players in the Indian startup ecosystem have a reach to this segment of this population, which thanks to users from even smaller towns and villages - called “India 3”; - getting online has expanded in recent years.
This is a developing story. More to follow…
