Regional language social media platform Sharechat has raised $35-$40 million from existing investors in a bridge round as the company looks to replace TikTok with its new short video app Moj, according to a report by news portal Entrackr.
However, ShareChat denied the development.
“ShareChat does not generally comment on market speculations. However we can confirm there has been no such development at this time,” the company spokesperson said.
ET had reported earlier in the month that ShareChat is in talks with investors to raise upto $200 million. The development came soon after the Indian government banned 59 Chinese apps, including popular apps TikTok and Helo.
ShareChat’s investors include Lightspeed Venture Partners, Saif Partners, Twitter, TrustBridge Partners, India Quotient and Shunwei Capital.
After TikTok’s ban, about a dozen short video apps have come up in the market vying to replace the popular app, which had 200 million registered users in India.
However, the competition is expected to be intense and expensive with all of them needing millions of dollars to build a strong technology backbone, hire talent, sign up creators and win music deals. TikTok had pumped millions of dollars in India.