Friday, September 25, 2020

ShareChat raises $40m to grow Indian short-video app Moj | Music Ally

We wrote about Moj in August: it’s one of the short-video apps that launched in the wake of TikTok’s ban in India earlier this year.

By August, Moj – which was a spin-off from social networking company ShareChat – had 50 million users. Now ShareChat has raised $40m of new funding to continue driving Moj’s growth.

News site Entrackr reported the funding (initially as $35m-$40m) suggesting that it’s part of a round that could eventually reach more than $100m.

Another news site, Medianama, followed up the story to nail down the figure as $40m, as well as a couple of new stats for Moj: 80 million monthly active users, who average 34 daily minutes in the app.

Also noteworthy: ShareChat told Medianama that it plans to use the funding for product development, growing Moj’s community of developers AND on partnerships with music labels.

Stuart Dredge


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