September 29, 2018:
Sharechat, the Vernacular Social Networking Platform owned by Mohalla Tech has raised Rs. 720 crores ($100m) in a new funding round led by existing investors Shunwei Capital & Xiaomi together with Hong Kong-based Morning side Ventures, DST Global, Lightspeed, SAIF Partners, India Quotient and Venture Highway.
Fresh funding will also see Sharechat’s valuation reached to Rs. 2680 crores (around $400m) which is nearly 5 times jump in its valuation from its previous fund-raise Last Year that makes it one of the hottest consumer internet startups in the country.
Link Legal team represented Sharechat & its founders in the fund raising process.
The team comprised of Partner Manish Gupta, Principal Associate Vinu Peter, and Associate Rashi Singh.
Gunderson Dettmer Singapore along with ARA Law acted as Legal Counsel for existing investors Shunwei Capital, Xiaomi and Lightspeed US in the deal.
Morningside Ventures, SAIF Partners, Venture Highway, India Quotient and DST Globalwere represented by their in-house legal teams.
Sharechat is a Regional Language social networking app which is founded in 2015 by IIT-Kanpur alumni Ankush Sachdeva, Farid Ahsan, and Bhanu Singh. This Bangalore-based app allows users to create, discover and share content such as videos, jokes, songs and images.
Sharechat with the current fund-raise, aims to enter into new markets, diversify into new categories and work on monetising its service through advertising, influencer marketing, and in-app transactions.
Deal Dated 2018-09-20:
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Source: Legally India
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