Google to acquire social media startup Sharechat

Startup Technology

Google is ahead of time converses with procuring twitter-back online media platform Sharechat for $1.03 billion (or about Rs 7,632 crore).

In August 2020, Microsoft was allegedly hoping to put $100 million in return for certain stakes in the startup.

The news comes after Sharechat recorded a 166% increment in its month to month active clients from 60 million to 160 million across 15 Indic languages.

Despite the fact that Sharechat declined to comment on the turn of events. A Google representative disclosed to ET Now that it doesn’t remark available theory and gossipy tidbits.

Prior in July 2020, Google had declared that it would put $10 billion in the nation through Google For India Digitization Fund.

In September 2020, Sharechat got $40 million from a lump of financial specialists, including Twitter, Lightspeed, Elevation, India Quotient, among others, as a portion of Series E subsidizing round at a valuation of $650 million.

Till date, the startup has brought over $260 million up in a sum of eight funding rounds. It generally took an interest by Lightspeed and Elevation Capital.

As of late, the startup had set up an innovative work lab in Silicon Valley name Sharechat Labs to improve its exploration and item advancement.

The startup is as of now esteemed at $650 million. It is required to reach $1 billion by one year from now.

Sharechat is a Bengaluru-based online media startup established in 2015 created by Mohalla Tech Pvt. Ltd. what’s more, established by Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan. Sharechat is an online platform that offers various features. These features include personal messaging, private messaging, tagging. It also enables clients to share content like songs, videos, jokes, and other language-based social content with other unknown clients.

The stage began as a substance sharing apparatus for Whatsapp clients. From that point forward, the platform has continuously developed into numerous Indic languages. It includes Hindi, Assamese, Bengali, Bhojpuri, Gujrati, Haryanvi, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, Telugu, and Rajasthani.

In late June 2020, Sharechat dispatched a short video application called Moj. Presently, Moj has in excess of 80 million month to month dynamic clients.