India based social media and social networking service ShareChat announced Google’s parent company Alphabet Inc. (GOOGL), Singapore’s Temasek Holdings and media company Times Group, have invested an additional $300 million in a recently concluded financing round which left the company sitting on a $5 billion market valuation.
In recent times Google has been showing confidence in Indian based startups, not long ago, Google invested in an Indian short video sharing platform Josh. An insider source involved in the investment says Google’s investment in the Indian start-ups even at a time when the tech industry has been dropping shows Google’s confidence in the market.
Short video apps like Josh and its competitor came into limelight after India banned widely used short video sharing app TikTok and some Chinese following a border dispute with China.
Currently, ShareChat has a 180 million monthly active users, the company was last valued at $3.7 billion following its previous $266 million funding round in which Alkeon Capital and Temasek participated. Other notable names in the social media space who have invested in the company include Twitter Inc. (TWTR) and Snap Inc. (SNAP).