ShareChat raised an additional $16 million in debt financing led by EDBI to enhance its advertising technology and expand its consumer transactions business.
ShareChat raised an additional $16 million in debt financing led by EDBI to enhance its advertising technology and expand its consumer transactions business.
08/03/24, 7:09 PM
Location
delhiMoney raised
$16 million
Investors
Edbi
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 Info
Location
delhi, delhi, india
Additional Info
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.