India-based social networking app developer ShareChat has raised Rs1.2bn ($18.2m) in a series B round led by a $5.8m investment by consumer electronics manufacturer Xiaomi, VCCircle reported yesterday.
The round also featured private equity firm SAIF Partners, which provided $4.3m according to a regulatory filing, Lightspeed Venture Partners ($2.9m), Shunwei Capital ($2.8m), India Quotient ($2m) and Venture Highway ($260,000).
Founded in 2015, ShareChat has developed a social networking platform for the Android mobile operating system that allows users to chat and share videos and GIFs. It is available in 10 of India’s 23 legally-recognised languages and has been downloaded more than 10 million times.
The round valued ShareChat, which is operated by holding company Mohalla Tech, at approximately $67m post-money.
ShareChat had previously received $4m in a November 2016 series A round led by Lightspeed that included SAIF Partners, India Quotient and Venture Highway. That round followed a $1.35m seed round backed by SAIF and India Quotient in July the same year.