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ShareChat's valuation drops below $2 billion in new funding

TechCrunch · 11m

Indian social media startup ShareChat has seen its valuation drop to under $2bn from around $5bn in a recent funding round. ShareChat, which operates a social network in a variety of Indian languages and a short-form video app, raised $49m in a convertible round. The company revealed it had received investments from existing backers such as Lightspeed, Temasek and Tencent. Sources said the latest fundraising would result in the conversion of existing debt to equity at a valuation below $2bn. ShareChat has not spent any money on user acquisition in the past year, instead focusing on optimising its content recommendation engine.