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ShareChat

ShareChat is an Indian social networking service platform, owned by Bangalore-based Mohalla Tech. It was founded by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, and incorporated on 8 January 2015. ShareChat app has over 350 million monthly active users across 15 Indian languages. The current valuation of the company is $5 billion.[1]

Developer(s)

Mohalla Tech

October 2015 (2015-10)

2024.6.9 / 9 February 2024 (2024-02-09)

2024.6.9 / 9 February 2024 (2024-02-09)

23.7.1 / 15 April 2023 (2023-04-15)

15 languages

Freeware

www.sharechat.com

Foundation and history[edit]

ShareChat's holding company, Mohalla Tech Pvt Ltd, was incorporated in January 2015 by graduates from Indian Institutes of Technology Kanpur:[2] Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan. The company is headquartered in Bengaluru, Karnataka, and as of 2020, employed over 2500 people.[3]


Initially, ShareChat primarily worked as a content sharing platform, without any scope of users generating their own content. In April 2016, however, ShareChat enabled user-generated content creation on its platform, allowing its users to share their own posters and creative content. At around the same time, it also introduced open tagging for users, which would allow anyone to create their own hashtags depending on the content.[4]


In January 2023, Farid Ahsan and Bhanu Pratap Singh stepped down from their respective roles as Chief Operating Officer and Chief Technology Officer.[5][6] As of 2022, Manohar Singh Charan (CFO) and Amit Zunjarwad (CPO) led the management along with Ankush Sachdeva (CEO).[7][8]

Acquisitions[edit]

In March 2019, Mohalla Tech acquired Transversal Tech-owned short video sharing platform, Clip.[9] In February 2020, it acquired Bengaluru-based online fashion marketplace Elanic.[10] In March 2020, it acquired a meme discovery and sharing platform, Memer.[11] In August 2020, it acquired a hyperlocal information platform, Circle Internet.[12] Sharechat parent company also bought MX TakaTak from Times Internet Group for $700 million in one of the biggest acquisitions of 2022.[13][14]

Funding[edit]

In September 2020, ShareChat raised $40 million from investors Pawan Munjal of Hero MotoCorp, Ajay Shridhar Shriram of DCM Shriram, Twitter, SAIF Partners, Lightspeed Ventures, and India Quotient.[15] By April 2021, ShareChat had raised $500 million from investors and was valued at over $2 billion.[16] In May 2022, ShareChat raised $300 million from Google, Times Group and Temasek Holdings at a valuation of $5 billion.[17]

Initiatives against misinformation[edit]

On 17 April 2019, ShareChat took down around half a million pieces of content and removed 54,000 accounts for spreading fake news, hate speech and spam, and for conducting coordinated misinformation campaigns.[18]

ShareChat accused Bytedance of copying its design: Helo, another social media platform formerly owned by TikTok's parent company, , is one of ShareChat's competitors. In 2018, ShareChat accused Bytedance of copying its design and UI pixel to pixel in 2018. Following Delhi High Court's direction, Bytedance changed its design for Helo.[19]

Bytedance

Layoffs and rehiring: In May 2020, ShareChat laid off 101 employees.[21] They have since rehired over 50% of the laid-off workforce after the launch of the video platform Moj.[22] In December 2022, ShareChat laid off another 5% of its workforce.[23] In January 2023, ShareChat again laid off 400 employees which was around 20% of its workforce.[24] In December 2023, ShareChat further fired 200 employees, around 15% of its workforce, to cut costs and achieve profitability.[25]

[20]

Apps[edit]

ShareChat[edit]

ShareChat app is multilingual social media platform, with 180 million monthly active users. It offers its users multiple options to express themselves through audio chat rooms, photo and video posts, status updates, microblogging, blogging, and direct messaging in 15 Indic languages. This allows regional audiences to connect with like-minded users and communities.[26]


Features:

Official website