ShareChat (Mohalla Tech Pvt Ltd) has announced the extension of its convertible debentures round to accommodate new investment from EDBI, a leading Singapore based global investor. These additional funds will be utilized to invest further in the company's advertising tech stack and expand the consumer transactions businesses with investment in newer monetization features for the creator ecosystem.
Currently, the ShareChat app is operationally profitable for the past several months, while the Moj app is close to operating break-even, the company said in a press release.
In April this year, ShareChat raised US$49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others.
Sources close to the development said, “The fact that ShareChat could attract new investment from a sovereign fund like EDBI is a significant positive sign. Attracting new investors of this calibre in today’s cautious private investment environment reflects that the market is taking note of the company’s progress towards building a profitable business”
ShareChat (Mohalla Tech) runs short video platform, Moj in addition to the ShareChat app, which collectively cater to over 325 million users.