ShareChat may raise up to $65 mn at $2.7 bn valuation: Report

Social media platform ShareChat is reportedly set to raise up to $65 million from existing investors.

According to MoneyControl, the company is set to raise the money via convertible notes at $2.7 billion valuation.

Existing investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others are likely to participate in the funding round.

Meanwhile, ShareChat has laid off 200 employees, or about 15 per cent of its workforce, as part of strategic restructuring.

Mohalla Tech, the parent company of ShareChat and short video entertainment app Moj, said the decision reflects the company’s commitment to streamlining its cost base and achieving profitability within the next 4-6 quarters.

“ShareChat undertook a strategic restructuring as part of its annual planning for the year 2024,” a company spokesperson had said in a statement.