India-based social networking app developer ShareChat has obtained $99.2m in funding from investors including consumer electronics manufacturer Xiaomi, VCCircle reported today.
Shunwei Capital led the round, while Morningside Ventures, Lightspeed Venture Partners, SAIF Partners, Venture Highway and an unnamed Cayman Islands-based fund also contributed to the round. The round reportedly valued ShareChat at approximately $458m.
Founded in 2015 and operated by holding company Mohalla Tech, ShareChat operates a mobile social networking platform. The app is available in 10 Indian languages and has been downloaded more than 10 million times on Android.
The capital will go towards core product development as ShareChat looks to expand into additional categories.
ShareChat previously raised $18.2m in a series B round led by Xiaomi in January this year. SAIF Partners, Lightspeed Venture Partners, Shunwei Capital, India Quotient and Venture Highway.
In November 2016, ShareChat secured $4m in a series A round led by Lightspeed, with participation from Venture Highway, SAIF Partners and India Quotient, after the latter two had supplied $1.4m in seed funding in July that same year.