US tech giant Google may buy Bangalore’s social media platform Sharechat. The deal could be worth $ 1.03 billion for about Rs 7,600 crore. A media report quoting sources familiar with the matter claimed this.
Average user time increased during the coronas
Sharechat’s monthly active users increased by 166% in the coronacal. According to Bhanu Pratap Singh, the company’s co-founder and CTO, Sharechat’s active monthly users have risen from 60 million to 160 million in the Coronacoal. Apart from this, the average time spent on the platform in these months has increased from 24 minutes to 31 minutes.
Ticktock’s ban and lockdown benefit
Ban and lockdown on China’s video sharing app TickTalk have contributed significantly to ShareChat’s active users in 2020. After the lockdown in March, people spent a lot of time on social media platforms. According to Carat India data, social media consumption in India has increased to 280 minutes per day. After the ban on TicketLock in June, users created a new home on domestic social media apps.
Sharechat raised $ 222.8 million so far
According to data available on Crunchbase, Sharechat has raised $ 222.8 billion so far in 8 rounds of funding. ShareChat raised $ 100 million in the last D Series round in August 2019. Sharechat is expected to be valued at $ 1 billion in 2021.
Sharechat was founded in 2015
Sharechat was founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan. Ankush is currently the CEO of the company. Bhanu Pratap is the CTO and Farid is the COO. According to the report, the founders of Sharechat can retain a small stake in the deal. However, Google or Sharechat have not responded to the deal.