According to the official statement, the funding will be utilised for accelerating user growth, augmenting a robust creator economy, and invigorating their efforts towards building a world-class AI organisation.
Mohalla Tech, the parent company behind Moj and , has raised $145 million as an extension of its Series F round. At a valuation of $2.88 billion, the investment has been led by Singapore state investor Temasek, Moore Strategic Ventures (MSV), along with participation from Mirae-Naver Asia Growth fund.
This is an additional investment beyond the $502 million raised in April this year with which the startup joined the unicorn club.
According to the official statement, the new round will be utilised for accelerating user growth, augmenting a robust creator economy, and invigorating their efforts towards building a world-class AI organisation.
Commenting on the latest funding round, Ankush Sachdeva, CEO & Co-founder, Moj and ShareChat said,
“This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities. We are immensely proud of what we have been able to achieve with Moj and ShareChat in the last 12 months.”
“We have been very fortunate to attract a bunch of very high quality names in our series F and the list just got longer with Temasek, MSV and Mirae-Naver joining hands with us,” he added.
Founded in 2015, Mohalla Tech has now raised over $911 million across seven fundraising rounds. It launched short video platform Moj in July 2020, shortly after ByteDance’s TikTok app was banned in India.
Together, Moj and ShareChat, with a 340 million user community, envision building a cohesive AI-powered content ecosystem to address India’s growing digital needs.
Further adding, Sachdeva said, “With a monthly active user base of 160 million and 50+ million strong creator community, Moj has grown into India’s number one short video app in a year. To strengthen our leadership position, we will continue to invest in our AI capabilities, scaling our global AI org, building advanced editing tools, and helping our creators monetise on the platform”
Commenting on the investment, James McIntyre, Senior Managing Director and COO at MSV said,
“We are excited to partner with Moj as they build India’s premier short form video platform, and have been impressed by this management team’s speed and agility in capturing the opportunity. This round will help to accelerate that growth and allow Moj and ShareChat to continue to develop the best ecosystem for content creators and consumers alike.”