Google and Snap in Advanced Talks to Back India’s ShareChat
Major Tech Giants Bet on India’s Thriving Social Media Landscape
ShareChat, India’s leading regional language social network, is reportedly in advanced discussions to secure over $200 million in Series E funding from tech titans Google and Snap (parent company of Snapchat), alongside existing investor Twitter. This potential deal would value the Bangalore-based startup at over $1 billion, cementing its position as a major player in India’s digital ecosystem.
Key Investment Details:
- Google’s contribution: Over $100 million (more than half the round)
- Current valuation: >\(1 billion (up from \)700M in 2020)
- Total funding to date: $264 million
- Notable existing backer: Twitter (invested in 2019)
Sources caution that deal terms may change and negotiations could fall through.
Why ShareChat Attracts Big Tech Attention
ShareChat has demonstrated remarkable growth in India’s competitive social media market:
- 15 regional languages supported
- Strong foothold in smaller cities and towns
- 30+ minutes average daily user engagement
- Moj short-video app: 80M+ monthly active users (as of Sept 2020)
This contrasts sharply with Twitter and Snapchat’s struggles to expand beyond urban centers, despite each having about 50 million MAUs in India.
India’s Digital Gold Rush Continues
This potential investment aligns with several strategic moves:
- Google’s $10B India pledge: Announced in July 2020
- Recent Google investments:
- $145M in DailyHunt/Glance (Dec 2020)
- $4.5B in Jio Platforms (Nov 2020)
- Market opportunity:
- India’s digital ad market projected at $10B by 2024
- Currently dominated by Google/Facebook (85% share)
The TikTok Ban Effect
ShareChat’s Moj and compe*****s like MX TakaTak have benefited significantly from India’s 2020 ban on TikTok and other Chinese apps. This regulatory move created a vacuum in short-form video that domestic players have rapidly filled.
What This Means for India’s Tech Ecosystem
If finalized, this deal would:
- Mark Snap’s first investment in an Indian startup
- Further demonstrate global confidence in India’s digital economy
- Intensify competition in India’s social media and short-video space
- Potentially reshape the digital advertising landscape
Representatives from ShareChat, Google, and Snap declined to comment on the ongoing negotiations.
Industry Context: Facebook invested $5.7B in Jio Platforms in 2020, highlighting the strategic importance of India’s digital market to global tech leaders.
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