Indian messaging app ShareChat reportedly looked set for a cash injection of up to $200 million after entering into talks with a number of investors, as the company capitalises on a clampdown on Chinese rivals in the country.
Reuters reported ShareChat, which has around 140 million active users, appointed JP Morgan to advise on the fundraising, which it expects to complete by the end of the year.
The move could give the company a value of more than $1 billion, and it would build on an investment by Twitter in 2019.
Indeed, interest in a fundraising is likely to be hot at the moment, after the Indian government banned dozens of Chinese apps including TikTok.
After TikTok’s ban, ShareChat launched a similar short-video sharing app, dubbed Moj, which registered more than 50 million downloads so far, added Reuters.
The main app also has a wide reach, allowing users to post content in 15 Indian languages.
A source told Reuters the latest fundraising will be used to grow Moj by attracting more content creators and pushing marketing.
Facebook has also moved to benefit from TikTok’s woes, introducing a video content play on its Instagram subsidiary dubbed Reels.Subscribe to our daily newsletter Back