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Regional accent based amusing networking app, ShareChat, is reportedly in talks to defended $15 Mn Series B allotment from Beijing-headquartered electronics aggregation Xiaomi and VC abutting Shunwei Capital. Post the fundraise, the startup’s appraisal is accepted to arise to $65 Mn-$70 Mn, sources accept revealed.
Bengaluru-based ShareChat will be application the allotment to advance its artefact portfolio by abacus added languages. A allocation of the funds will additionally be spent on hiring accomplished developers and abstracts scientists.
The aggregation is additionally aggravating to appear up with new means to get added women to appoint with the content.
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Commenting on the development, a antecedent requesting anonymity said, “ShareChat has about 4 Mn account alive users who allotment at atomic 200K posts daily. The affectionate of users it has admiring are diverse, such as a Malayali assistant or a Punjabi barter driver.”
If the advance from Xiaomi and Shunwei Basic goes through, it will be the startup’s fourth annular of funding. ShareChat originally aloft $100K from India Quotient in 2015. Later in July 2016, the aggregation anchored addition $1.35 Mn in Seed allotment from adventure basic abutting SAIF Partners. Existing broker India Quotient additionally alternate in this round.
Most recently, the amusing networking startup bankrupt a $4 Mn Series A annular of funding, led by Lightspeed India Partners. Existing investors, SAIF Partners and India Quotient forth with Adventure Highway (through VH Capital). At the time, it was appear that ShareChat was attractive to accession $8 Mn-$10 Mn by the end of aftermost year.
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At the time, ShareChat co-founder and CEO Ankush Sachdeva stated, “A lot of our accomplishment goes into compassionate the admirers and their needs through experiments. It is a lot like abiding to an beforehand time of Internet usage, appealing abutting to how we were back we came to the internet for the aboriginal time in the aboriginal 2000s.”
ShareChat was founded by IIT-Kanpur alumni, Farid Ahsan, Bhanu Singh and Ankush Sachdeva, in October 2015. Initially started as a agreeable administration apparatus for WhatsApp with users administration about 100K agreeable pieces per day, the startup has now acquired into a bounded accent apprenticed amusing networking platform.
It allows users to create, ascertain and allotment agreeable with anniversary added abundant like bodies do on Tumblr and Instagram. Users can chase added users who are either a agreeable architect or a acquaintance on the belvedere for approved updates, abundant like best added amusing networks.
ShareChat is currently accessible in eight bounded languages, including Hindi, Bengali, Marathi, Malayalam, Punjabi, Gujarati and Telugu. Tamil and Bengali are in clandestine beta and will be anon fabricated accessible to all users. The app claims to accept a absolute of 10 Mn users beyond the country.
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A cardinal of Indian startups are leveraging bounded languages in contempo years, in a bid to ability a added area of audience. One such amateur is Matrubharti, which is an app for authors and lets users download ebooks in bounded Indian languages. Multibhashi, a aggregation that facilitates English accent accretion through mother tongue, afresh aloft an bearding bulk of Seed allotment from Startup Oasis and angel investor, Aniruddha Malpani.
Other startups that ShareChat is currently aggressive with accommodate Pratilipi, a self-publishing and account belvedere for Indian colloquial literature, PlanetGoGo, an app for agreeable analysis in bounded languages and ShabdaNagari, a amusing networking armpit in Hindi.
Whether ShareChat absolutely manages to accession $15 Mn from Xiaomi and Shunwei Basic is article that will become credible in the advancing weeks.
(The development was appear by ET)
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