(MENAFN- NewsBytes) The parent company behind ShareChat and short video app Moj, Mohalla Tech has successfully raised $145 million as an extension of its Series F funding round. The investment was led by Singapore's state-run Temasek Holdings, Moore Strategic Ventures (MSV), and Mirae Asset-Naver Asia Growth Fund (a joint venture by Mirae Asset Financial Group and South Korea's Naver Corporation). Here are more details.
In this article
- With Series F in April, Mohalla Tech raised $502 million
- Company hiring senior executives in AI, ML areas
- Investment reflects investors' confidence in company's execution: Mohalla Tech CEO
- Moj, ShareChat have combined user base of around 340 million
Valuation With Series F in April, Mohalla Tech raised $502 million
In April this year, Mohalla Tech raised $502 million in its Series F funding round. The latest round adds another $145 million to the Series F funds, bringing the total to $647 million. The parent company is now valued at $2.88 billion. Since its inception in 2015, Mohalla Tech has raised over $911 million spread over seven rounds of funding.
Doubling down Company hiring senior executives in AI, ML areas
A statement from Mohalla Tech said that the funds raised this year, including the additional capital "will help the company double down on its strategic priorities of building best in class AI Feed, attracting and incentivizing diverse creator base, and amplifying platform health and safety." To this effect, the company has hired senior executives in the artificial intelligence (AI) and machine learning (ML) space.
CEO Speaks Investment reflects investors' confidence in company's execution: Mohalla Tech CEO
While the company continues to aggressively seek out more senior talent, Mohalla Tech's CEO and co-founder Ankush Sachdeva said that the additional Series F funding is a reflection of investors' trust in the company's execution capabilities. The investment will also help scale the company's global AI setup, build advanced editing tools, and help creators monetize on platforms owned by Mohalla Tech.
Spreading wide Moj, ShareChat have combined user base of around 340 million
Sachdeva claimed that with over 50 million creators and an active user base of 160 million, Moj has grown into "India's number one short video app." The average Moj user reportedly spends a whopping 34 minutes on the app every day. The app gets 4.5 billion daily views. Together, Moj and ShareChat have a user base of 340 million.
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