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What caused the sharp decline in valuations for ShareChat and hike both previously valued at over $3 billion and now below $1.5 billion in recent funding rounds? ShareChat's failed wager on the Indian short-video space amid the TikTok ban has forced

They thought more users = more money but most of their users were tier 2 and tier 3 users who could never pay for subscriptions or buy things from ads. That's where they failed to monetise and fell in problem.