Corporate-backed media deals topped $1bn last year and this year looks to be on track to outpace 2021.
ShareChat raised a $300m funding round, backed by Google, media company Times Group and Singaporean state-backed investor Temasek, which valued the Indian social media at $5bn.
It is the latest sign of growing interest in Indian media companies. Corporate-backed funding rounds in the media sector topped $1bn last year, and this year looks on track to outpace that.
This is Google’s second investment in Indian short video platforms, having taken part in a $100m round for Josh, which competes with ShareChat’s sister company Moj.
Following India’s permanent ban of video platform TikTok and 58 other Chinese apps in January after a deadly confrontation at the countries’ Himalayan border, domestic rivals like Moj and Josh rose in popularity.
ShareChat operates a social media platform available in 15 local languages and dialects, currently boasting 180m monthly active users. Catering to India’s multilingual population has given the company a foothold in a market…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
