Indian social network is in advanced stages of negotiations to raise funds Google And Snap, three sources familiar with the matter told TechCrunch.
The new financing round – a Series E – with Google being larger than $ 200 million, with more than $ 100 million in funding, sources said requested anonymity as the talks were private. Two sources said the round price is over $ 1 billion.
Twitter Along with this, some other existing investors are also engaged to participate in the round. ShareChat, Google and Snap did not immediately respond to a request for comment.
The terms of the deal are subject to change and negotiations may not be included in an investment, sources warned. Local TV channel ET Now reported last year that Google was in talks to acquire ShareChat.
Sharechat’s Marquee and Anonymous app caters to users in 15 Indian languages. In an interview with TechCrunch last year, ShareChat co-founder and chief executive Ankush Sachdeva said the app was growing “fast” and users were spending more than 30 minutes on average every day on the app.
If the deal happens, it will be the first investment in an Indian startup from Snapchat’s parent company. On the other hand, Google has started late. Android-maker last month Invested in Glimpses of Dailyhunt and InMobi, Both operate short-video apps.
Like both, ShareChat also operates a short-video app. The startup said that the app named Moj had acquired more than 80 million monthly active users as of September last year.
Last year, Google said it would invest $ 10 billion in India over five to seven years. Days later, the company Indian telecom giant Jio invested $ 4.5 billion in Platforms.
More to follow…