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sharechat-funding

SAIF Partners invested in ShareChat a social networking platform

ShareChat a Bangalore based social network platform raised $1.25 million in seed funding round from SAIF Partners, contributed $1 million and its existing investor Quotient contributed $25,000. The funds will be used to scale up its technology and to expand its team.

It was founded in October 2015 by Farid Ahsan, Ankush Sachdeva and Bhanu Singh, alumni of IIT Kanpur. It allows users to follow each other, find and create content in their preferred language and then share on their mobile messaging platform.

Farid Ahsan co-founder of ShareChat said

“ShareChat has started growing virally now and every new user strengthens the platform even further. It’s encouraging for us to see how our users have been responding and creating a really diverse variety in vernacular content on ShareChat.”

 

It supports around 55 different content formats some if which includes Jokes, healthtips, videos, newspaper and stories. Currently the content is available in Hindi, Telugu, Marathi and Malayalam languages. By the end of August 2016, the content and services will be available in Oriya, Tamil and Punjabi.

Mayank Khanduja, principal at SAIF Partners said

“We’re very confident about team ShareChat’s understanding of what we see as a massive market opportunity. Moreover, we feel it’s the best team for the job as the co-founders have strong technical backgrounds and a highly data driven approach.”

It claims to have around 1.3 million installs for its app, among this 950,000 are from the Google Play Store and rest 25% through APK shares. There are around 500,000 active users. The app is available only on Android platform.

ShareChat is also planning to add chat element allowing users to interact with each other. It is also looking to foray into newer forms of content including subscriptions, games and introducing services through chat.

Other startups rising in the similar segment includes Pratilipi, fastest growing reading and self publishing platform for Indian language literature. It has more than 2,700 Indian language authors in 6 languages, with having more than 3.5 million times their content has been read. Matrubharti a self publishing platform for authors and an app for users to download ebooks in their local Indian language. Shabdanagari, India’s first social networking site in Hindi.

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