The capital infusion is a part of ShareChat’s seed round of funding which also involved participation from existing investors, India Quotient. The company will leverage the funds raised towards ramping up its tech infrastructure to cater to its constantly growing user base and to reach out to more people across India with a variety of content formats.
ShareChat has built a first-of-its-kind social networking platform for India’s vernacular language users, available in 4 Indian languages, namely Hindi, Marathi, Malayalam and Telugu which will be followed by many more. It has already crossed 1 million downloads, and at half a million monthly active users, it has been consistently growing at 10% week on week. ShareChat was started by three IIT Kanpur alumni, Farid Ahsan, Bhanu Singh and Ankush Sachdeva in 2015.
ShareChat currently allows users to follow each other, create and find content in their preferred language, and share to chat platforms like Whatsapp. ShareChat started as a content sharing tool for Whatsapp and witnessed traction of 1 million shares a week.It has now made rapid strides towards building its full-fledged social platform.