Google and Snap are negotiating an investment in ShareChat
Google and Snap are negotiating an investment in ShareChat

The Indian social network added ShareChat Twitter as an investor in 2019, and the company may soon receive support from two US companies.

The source indicated that the Bangalore startup is in an advanced stage of negotiations and could raise funds from Google and Snap.

The source said: The new financing round exceeds $ 200 million, and Google alone exceeds $ 100 million.

The new round of financing is expected to help lift ShareChat's market value to more than $ 1 billion.

Twitter and two other existing investors are also involved in a new round of financing. To date, ShareChat has raised close to $ 264 million and its market capitalization is estimated at $ 700 million last year.

The source warned that the terms of the contract could change and that negotiations could not turn into an investment. Local TV station "ET Now" reported last year that Google was in talks about the acquisition of ShareChat.

ShareChat uses around 15 regional languages ​​per month to serve up to 60 million users and has many followers in small cities in India.

On the one hand, Twitter and Snap seek to attract users outside of the city of the second largest internet market in the world, while Twitter and Snap in India have about 50 million active monthly users.

ShareChat co-founder and CEO Ankush Sachdeva said: The app is growing exponentially and users spend more than 30 minutes a day on the app.

If the deal goes through, it will be the parent company's first investment in an Indian startup's Snapchat app.

ShareChat runs a short video app, and the startup said Moj has more than 80 million active users every month as of September last year.

Google last year announced plans to invest $ 10 billion in India over the next five years. Days after the announcement, the company invested $ 4.5 billion in Indian telecom giant Jio Platforms.

Google and Facebook invested $ 5.7 billion in Jio platforms last year, which has more than 400 million users nationwide.

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