“Excited to share that we have raised $502mn at $2.1bn valuation from Tiger Global, Lightspeed, Snap, Twitter and others. This capital will help us accelerate our journey of building India’s largest AI-powered content ecosystem. We are thankful to all our existing and new investors for their support,” its co-founder Ankush Sachdeva posted on Twitter confirming the news.
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Excited to share that we have raised $502mn at $2.1bn valuation from Tiger Global, Lightspeed, Snap, Twitter and ot… https://t.co/dxgyxH7WnN
— Ankush Sachdeva (@AnkushSach) 1617857551000
The social media platform – which has close to 160 million monthly active users is available in 15 local languages including Tamil, Malayalam, Bengali and Assamese. It also launched Moj, a short video format app after India clamped down on scores of Chinese apps such as TikTok and Helo. The platform has scaled to 120 million monthly active users in nine months.
“We are at a significant inflection point in our company’s journey — as the internet penetration further deepens in India we are well-positioned to expand our ecosystem of products to 1 Billion plus monthly active users cumulatively. We have seen how large the short-video market is in China — with around 80% of the entire Internet population using one of the short-video products(Douyin, Kuaishou etc) daily.,” Sachdeva said in a post on Thursday morning.