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ShareChat raised an additional $16 million in debt financing led by EDBI to enhance its advertising technology and expand its consumer transactions business.

Aug 03, 2024•12 months ago

Amount Raised

$16 Million

Delhi

Investors

Edbi

Description

ShareChat has secured an extra $16 million in debt financing, raising the total to $65 million. This funding occurs alongside a 5% workforce reduction as part of a performance improvement plan aimed at achieving profitability.

Company Information

Company

ShareChat

Location

Delhi, Delhi, India

About

Happy to share that we have concluded our ~$650mn Series F round raising additional capital from Temasek, Moore Str… https://t.co/lEvfvMSgG6— Ankush Sachdeva (@AnkushSach) 1627360908000The latest funding round was led by Temasek and Moore Strategic Ventures, with participation from a fund jointly set up by Mirae Asset and South Korean web portal Naver Corp, ShareChat said in its statement. "Investments raised this year including this additional capital infusion will help the company double down (on) its strategic priorities," ShareChat said. ShareChat has 180 million active users. ShareChat has no immediate IPO plans and the company for now will focus on expanding its current business and offerings, a source familiar with the strategy said.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

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