The discussion is touted to be in advanced stages, and along with Google and Snap, several of the existing investors such as Twitter are also looking at raising funds for Sharechat.
The Series E financing round is estimated to raise more than 200 Mn USD for Sharechat, with Google's investment being more than 100 Mn USD, as reported by TechCrunch.
In September 2020, Sharechat raised 40 Mn USD through a financing round that included investors such as Pawan Munjal from Hero MotoCorp, Ajay Shridhar from DCM Shriram, Twitter, and more.
Sharechat that turned six recently has been growing as a regional social network, it presently has 100+ Mn downloads on Android Play Store. It is reported to host over 5.8 million daily active users on Android. It remains to be one of the high-performing apps in the regional space, even after the advent of the flood of homegrown apps catering to vernacular needs, that emerged after the ban of TikTok in India.
Also Read: Entertainment & Networking major determinants for users to join social media platforms: ShareChat report
The digital growth in India and the rise of regional platforms catering to the hyperlocal needs with vernacular content has been a significant factor of attracting global investors in Indian ventures.
At Google For India in July 2020, Sundar Pichai, CEO, Google announced a 10 Bn USD Google for India Digitization Fund, to invest in the Indian digital economy. In April 2020, Facebook announced an investment of 5.7 Bn USD in Jio Platforms.