MUMBAI: ShareChat (Mohalla Tech) on Monday announced the closure of its $49 million funding round via convertible debentures led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others.
This capital raise will help the company invest further behind its Ad targeting technology as well as continuing the growth of consumer transactions business on ShareChat Live and Moj Live, the company said in a statement.
The ShareChat app, the company claims, is already operationally profitable, and the short video app Moj is expected to achieve operational profitability over the next few months.
The firm also announced an organisation wide ESOP (employee stock ownership plan) bonus program that will double the ESOP ownership for all of its current employees.
“The new funds will be utilised to bolster our robust monetisation plans and propel us on our path to break-even and beyond,” said CEO and Co-founder Ankush Sachdeva.
The firm claims to have seen a 90% reduction in monthly losses over the past two years.
ShareChat and Moj together cater to over 325 million users.
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