ShareChat raises $49 million through convertible debentures from present buyers – Instances of India

MUMBAI: ShareChat (Mohalla Tech) on Monday introduced the closure of its $49 million funding spherical through convertible debentures led by present buyers Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others.
This capital increase will assist the corporate make investments additional behind its Advert focusing on expertise in addition to persevering with the expansion of client transactions enterprise on ShareChat Stay and Moj Stay, the corporate mentioned in an announcement.
The ShareChat app, the corporate claims, is already operationally worthwhile, and the quick video app Moj is anticipated to realize operational profitability over the following few months.
The agency additionally introduced a company huge ESOP (worker inventory possession plan) bonus program that can double the ESOP possession for all of its present staff.
“The brand new funds shall be utilized to bolster our strong monetization plans and propel us on our path to break-even and past,” mentioned CEO and Co-founder Ankush Sachdeva.
The agency claims to have seen a 90% discount in month-to-month losses over the previous two years.
ShareChat and Moj collectively cater to over 325 million customers.