New Delhi: The parent company of social media platform Sharechat, Mohalla Tech, is in advanced discussions with Google, Temasek and other investors to close a $300 million funding round at a $5 billion valuation, a report said. a source familiar with the development said on Tuesday.
The transaction is expected to close in June. “Mohalla Tech is in advanced stages of discussions with Google, existing investor Temasek and other investors to close a $300 million funding round. The transaction is expected to value Sharechat at approximately $5 billion,” said The source. When contacted, Google and Temasek declined to comment on this, calling it speculative information.
“As a matter of principle, Temasek does not comment on market speculation and rumors,” a Temasek spokesperson said. The email query sent to Mohalla Tech elicited no response. Mohalla Tech had raised $266 million in December 2021 at a valuation of $3.7 billion. The company’s short-form video platform, Sharechat, claims to have around 180 million monthly active users.
In February, the company merged Times Group short video platform MX Takatak with its Moj platform, claiming that Moj and MX TakaTak will create India’s largest short video platform, the platform combined with 100 million creators, over 300 million monthly active users (MAUs), and nearly 250 billion monthly video views.