Smartphone manufacturer Xiaomi has entered talks to co-lead a $15m series B round for India-based social networking platform ShareChat, Times of India has reported, citing two people aware of the development.
Venture capital firm Shunwei Capital is set to co-lead the round with Xiaomi. A term sheet for the deal has been signed and it is expected to formally close soon. A source told TOI ShareChat is expected to raise the funding at a $65m to $70m post-money valuation.
Founded in 2015, ShareChat has created a social networking app that allows users to create and share content such as jokes, videos, images and GIFs. It is available on Android in 10 different regional languages including Hindi, Marathi, Gujarati and Punjabi, but not on iOS.
The app has been downloaded more than 10 million times, according to Google Play Store, and ShareChat claims it has 1.3 million daily active users.
ShareChat raised $1.35m in a July 2016 seed round featuring SAIF Partners and India Quotient, both of which returned for a $4m series A round in November that was led by Lightspeed India Partners.