Just months after the country banned TickTock, a rival owned by ByteDance, popular Indian media company ShareChat has raised more than half a billion dollars to expand its popular short-video app.
The five-year-old company, which raised 50 2,502 million from investors including Tiger Global Management, Snap and Twitter, now has মূল্য 2.1 billion in value. Has done.
More than 200 bans by the Indian government Chinese The applications were a “macro event” late last year after a border dispute. . . And we’ve benefited from it, ”said Ankush Sachdeva, chief executive of ShareChat, adding that it calculated Shunui Capital, launched by investors from the founder of Chinese mobile phone maker Shaomi.
“Sharechat has grown exponentially since that ban.[and] We have taken advantage of the short-video gap, ”he added.
Bangalore-based ShareChat offers its meme and video sharing platforms in 15 regional Indian languages but not in English, making it ultimately popular among Indian smartphone users in small towns and cities where English is not the preferred language. According to the company, users of both apps spend an average of more than 30 minutes per day on them.
For U.S. tech companies, India presents a huge development opportunity. In 2014, only 40 percent of the population had internet connection McKinsey, And 86 percent of them were under 40 years of age. By 2025, the number of Internet users is expected to exceed 970m, Statista.
“The feeling of the internet is growing in semi-zero and rural economies, sharechat. . . The platform is poised to expand dramatically by bridging online purchases of products and services, ”said Scott Schliefer, a partner at Tiger Global Management, which has invested in the company’s latest Series E round.
“Moz is already well positioned to take advantage of the opportunity presented by the growth of short videos in India. We are fascinated by the team’s understanding of this rapidly evolving technology and its ability to operate quickly. “
In the remaining void of TickTock, Indian users are offered a dazzling array of short-video entertainment. Applications that have spread over the past year include Josh, Taktak, Roposo, Mitron and Spark. Both Google and Microsoft have recently invested in Josh’s parent company, while Google is also behind Ropso. Led to an investment of 5 145 million.
ShareChat claims to differentiate itself through its content recommendation technology. Applications use machine-learning algorithms to surface content suitable for individual users based on their tastes. “Machine learning is a very big investment for us. [We are] Building the whole infrastructure and scaling our team around the world, ”Sachdev said.
The company has hired five directors of artificial intelligence in both the United States and the United Kingdom in the past six months and doubled its workforce in the second half of 2020, including 5020 AI engineers.
Competition between U.S. and Chinese technologists for the U.S. market has intensified in the past few years, with the country initially holding multi-million-dollar bets. In the wake of the bloody border clash between Indian and Chinese troops in June 2020, hostility to the Indian government has led to Chinese investment. To freeze, Paving the way for U.S. investors to expand beyond the fertile Indian Internet market.
Just last week, the social trading app Mesho and Fintech Credit – the other two start-ups – raised over 2 2 billion from U.S. investors, including Facebook and Tiger Global, respectively.