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Mohalla Tech

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Mohalla Tech is an Indian internet technology company, headquartered in Bangalore, India. Mohalla Tech developed applications such as ShareChat, Moj and Moj Lite + (TakaTak). It acquired MX TakaTak, a short video platform in February 2022.[1][2] The current valuation of the company is $5 billion.[3]

Mohalla Tech
Traded asMohalla Tech
Industry
FoundedJanuary 2015; 10 years ago (2015-01)
Founder(s)
  • Ankush Sachdeva
  • Bhanu Pratap Singh
  • Farid Ahsan
HeadquartersBangalore, India
Area served
Worldwide
Key people
  • Ankush Sachdeva
    (CEO)
  • Manohar Singh Charan
    (CFO)
  • Amit Zunjarwad
    (CPO)
Products
RevenueIncrease US$5 billion (2022)

Foundation and historyEdit

Mohalla Tech Pvt Ltd was incorporated in January 2015 by three IIT Kanpur graduates: Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan.[4] The company is headquartered in Bengaluru, Karnataka, and presently employs over 2500 people.[5]

Initially, ShareChat primarily worked as a content sharing platform, without any scope of users generating their own content. In April 2016, 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.[6]

In January 2023, Farid Ahsan and Bhanu Pratap Singh stepped down from their respective roles as Chief Operating Officer and Chief Technology Officer.[7][8] Currently, Manohar Singh Charan (CFO) and Amit Zunjarwad (CPO) are leading the management along with Ankush Sachdeva (CEO).[9][10]

AcquisitionsEdit

In March 2019, Mohalla Tech acquired Transversal Tech-owned short video sharing platform, Clip.[11] In February 2020, it acquired Bengaluru-based online fashion marketplace Elanic.[12] In March 2020, it acquired a meme discovery and sharing platform, Memer.[13] In August 2020, it acquired a hyperlocal information platform, Circle Internet.[14] Sharechat parent company also bought MX TakaTak from Times Internet Group for $700 million in one of the biggest acquisitions of 2022.[15][16]

FundingEdit

In September 2020, ShareChat raised $40 million from investors Dr. Pawan Munjal of Hero MotoCorp, Ajay Shridhar Shriram of DCM Shriram, Twitter, SAIF Partners, Lightspeed Ventures and India Quotient.[17] By April 2021 ShareChat had raised $500 million from investors and was valued at over $2 billion.[18] In May 2022, ShareChat raised $300 million from Google, Times Group and Temasek Holdings at a valuation of $5 billion.[19]

See alsoEdit

ReferencesEdit

  1. ↑ "ShareChat's Moj and MX Taka Tak will soon be one short video app". The Indian Express. Retrieved 16 November 2022.
  2. ↑ "MX TakaTak, Moj to merge - Times of India". The Times of India. TNN. Retrieved 16 November 2022.
  3. ↑ John Sarkar. "ShareChat closes $520 million round at $5 billion valuation - Times of India". The Times of India. Retrieved 12 October 2022.
  4. ↑ "IIT-K alumni-made ShareChat app wields local languages to challenge Facebook". Hindustan Times. Retrieved 19 August 2019.
  5. ↑ "ShareChat hires back half of laid-off employees, expected to add another 150-200 in six months". The Economic Times. Retrieved 1 September 2020.
  6. ↑ "ShareChat announces 'Private Messaging', 'Shake-N-Chat', 'Open Tagging' on its platform". The New Indian Express. Retrieved 18 April 2019.
  7. ↑ "ShareChat cofounders Farid Ahsan and Bhanu Pratap Singh to step down". The Economic Times. ISSN 0013-0389. Retrieved 9 June 2023.
  8. ↑ "ShareChat's two co-founders step down from active roles". www.thehindubusinessline.com. Retrieved 9 June 2023.
  9. ↑ "Meet The MSD Of Finance: Sharechat's Manohar Singh Charan". Forbes India. Retrieved 10 June 2023.
  10. ↑ www.ETHRWorld.com. "Amit Zunjarwad joins ShareChat as Chief Product Officer - ETHRWorld". ETHRWorld.com. Retrieved 10 June 2023.
  11. ↑ "Exclusive: Clip Gets Acquired By ShareChat In All Cash Deal To Help It Fight Off ByteDance in India". Inc42 Media. Retrieved 18 April 2019.
  12. ↑ "Acquisitions". INC42. Retrieved 25 February 2019.
  13. ↑ Laghate, Gaurav. "ShareChat buys meme sharing app Memer". The Economic Times. Retrieved 12 May 2020.{{cite news}}: CS1 maint: url-status (link)
  14. ↑ Banerjee, Prasid. "ShareChat acquires hyperlocal information platform Circle Internet". Livemint. Retrieved 28 August 2020.
  15. ↑ "ShareChat buys MX TakaTak for USD 700 million - The New Indian Express". www.newindianexpress.com. Retrieved 13 March 2022.
  16. ↑ Sil, Debarghya. "2022 In Review: Startup M&As Surge Amidst Funding Crunch & Downturn". Inc42 Media. Retrieved 5 January 2023.
  17. ↑ "Twitter-backed Indian social network ShareChat raises $40 million". TechCrunch. Retrieved 25 September 2020.
  18. ↑ Murgia, Madhumita. "ShareChat valued at $2bn after India's TikTok ban". Financial Times. Retrieved 3 June 2021.
  19. ↑ Vengattil, Munsif. "Google backs India's ShareChat in $300 mln funding round at $5 bln valuation". Reuters. Retrieved 30 May 2022.
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