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Snap and Twitter are backing India's answer to TikTok

April 8, 2021. Summarized by summa-bot.

Compression ratio: 63.9%. 1 min read.

Assam, india - March 10, 2021 : ShareChat logo on phone screen stock image.

Snap and Twitter are among a group of investors that have just poured half a billion dollars into Mohalla Tech, an Indian startup that owns social media platform ShareChat as well as Moj — a TikTok-like app that has soared in popularity since the Chinese original was banned in India last year.

New Delhi (CNN Business)Snap (SNAP) and Twitter (TWTR) are among a group of investors that have just poured half a billion dollars into Mohalla Tech, an Indian startup that owns social media platform ShareChat as well as Moj — a TikTok-like app that has soared in popularity since the Chinese original was banned in India last year.

The $502 million funding round was led by investment firms Tiger Global and Lightspeed Venture Partners, and boosted the valuation of Mohalla Tech to a little over $2 billion, the company said in a statement on Thursday.

"With this infusion of capital we would continue to aggressively grow our user base," Mohalla Tech CEO and co-founder Ankush Sachdeva said in a statement.

The fundraising catapults Mohalla Tech into the growing club of Indian unicorns, or technology startups valued at over a billion dollars.

Mohalla Tech, which was founded in 2015, has raised over $766 million in six funding rounds.

It has 280 million users across its two products — ShareChat and short video app Moj.

Moj says it has already amassed 120 million monthly active users, showing India's keen interest in finding alternatives to popular Chinese apps that remain banned in the country.

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