Bengaluru-based local language social networking app ShareChat has secured $18.2 million in a Series B round led by Xiaomi. Existing investors SAIF Partners, Lightspeed Partners, India Quotient and Venture Highway also participated in the round.
Besides Xiaomi, its venture capital arm Shunwei Capital also participated in the round. Post this round, the social networking app is likely to be valued in a range of $65-70 million.
Xiaomi has invested about $5.76 million in the round while SAIF Partners and Lightspeed Partners have pumped in $4.29 million and $2.94 million respectively, reports VCCircle via RoC filings.
Importantly, this is the seventh investment for Xiaomi and its sister concern Shunwei Capital into Indian startups. Its investment includes fintech startup KrazyBee, Hungama Digital among others.
Floated in October 2015 by Farid Ahsan, Bhanu Singh, and Ankush Sachdeva, ShareChat claims to be building the largest social content network in India with a focus on small-town users.
The startup began as a content repository app for sharing on WhatsApp and has now evolved into a full-fledged social network. It also allows users to create, discover and share content such as videos, jokes, audio songs, and images along with Bollywood blockbusters, health tips, quotes from the Bhagavad Gita, and astrology readings with each other.
ShareChat has been eyeing Series B round for quite some time. Its Android app is currently available in 10 regional languages, including Hindi, Bhojpuri, and Odia.
Earlier in November 2016, it had raised $4 million in a Series-A round led by Lightspeed India Partners, along with existing investors SAIF Partners and India Quotient. Five months ago, the company bagged $1.25 million seed round from SAIF Partners.