ShareChat- Case Study
ShareChat, India’s own social media platform (in regional language), has recently become more popular after the Chinese-app ban announced by the Ministry of Information Technology of India. It had a record of around 15 lakh downloads on an hourly basis and more than 15 million downloads in just 2 days after the ban was announced.
The COO and co-founder of ShareChat, Farid Ahsan had said “We are excited to see the way people are exploring ShareChat for the endless possibilities it offers to the people and making it the preferred Indian social media platform… enabling us to emerge as the leader in the Indian social media landscape. We are confident that this sets up the foundation of another success for ShareChat”.
Recently in September, 2020, ShareChat has secured a funding of $40 million from investors after its newfound popularity. It has raised around $264 million till date. So you know about its huge success, but do you know the story behind it? To know more, read on.
Journey towards success:
It is a five year old, Bangalore-based startup which is gaining more recognition at present with each passing day. It was originally founded in 2015 by IIT-Kanpur graduates, Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan. It originally worked as a content sharing platform but now users can post their own content and posters.
After 3 years of struggle, the application was gaining recognition slowly and all the co-founders had featured on Forbes’ 30 under 30 Asia edition. The main reason for its popularity was its regional language based approach that attracted a lot of users.
On May 2020, it had laid off 101 of its employees. However with the foundation of the new app Moj, it has rehired 50% of those who were laid off. Moj, a short video posting platform was launched in July 2020 that has similar features to TikTok (which was banned for being a Chinese app).
The total funding received by ShareChat in the past 5 years is around $264 million. It had recently secured a funding of $40 million in the E round of funding which was led by Pawan Munjal and Ajay Shridhar Shriram.
It had received funding from Twitter in the D round of funding along with other investors including SAIF Partners, Lightspeed Ventures and India Quotient, three of whom have been involved with ShareChat as investors since its early days.
At present ShareChat and Moj have 240 million active users, which ShareChat itself having around 160 million users.
Moreover, ShareChat has been evolving rapidly with even advanced features at present in the application that keeps up with the changing needs of the customers. Hence the user base is increasing massively with every new sign up.
So, are you an entrepreneur searching for inspiration to open your own company? Well I am sure the story of this startup will be a source of motivation for your entrepreneurial advancements. If you have a business idea, we would love to hear from you in Happython 2020!
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