Bangalore-based ShareChat, a regional language social networking platform that allows users to chat with each other in local languages such as Hindi, Marathi, Malayalam and Telugu, has raised $1.35 million (Rs 9 crore) from investors including SAIF Partners and India Quotient., has secured about $1.35 million (Rs 9 crore).
The funds will be used to strengthen the technology to serve increasing traffic and expand into more languages and content. Currently, the platform has 1.3 million users and is tapping into the growing smartphone user base in tier 1 and 2 cities.
Started in Bengaluru in 2015 by IIT Kanpur alumni Farid Ahsan, Bhanu Singh and Ankush Sachdeva, Sharechat has built a social networking platform that is currently available in four Indian languages – Hindi, Marathi, Malayalam and Telugu. It has already crossed 1 million downloads, and at half a million monthly active users, it has been consistently growing at 10% week on week.
ShareChat currently allows users to follow each other, create and find content in their preferred language, and share to chat platforms like Whatsapp. ShareChat started as a content sharing tool for Whatsapp and witnessed traction of 1 million shares a week.It has now made rapid strides towards building its full-fledged social platform. Already 5 million connections have been made on ShareChat and the rapid success of user generated content is a very exciting sign that ShareChat users were desperately looking for a platform like this.
In a similar space, Kanpur-based Trident Analytical Solutions Pvt. Ltd, which operates Hindi social networking platform ShabdaNagari.in, has raised an undisclosed amount in bridge funding from ah! Ventures. In February this year, Bangalore- and San Francisco-based social networking startup Affinity raised $1.2 million in angel funding from Silicon Valley investors.