The ban on TikTok has led to emergence of homegrown apps looking to tap into millions of users currently seeking alternatives to showcase talent. One such app ShareChat, whose product monetisation strategy started about 12 months back, has upped the ante with launch of its short-video app 'Moj'.
The company recently received $40 million funding in Pre-Series from investors like Dr. Pawan Munjal, DCM Shriram Promoters Family Office, SAIF Partners, Twitter, Lightspeed Ventures and India Quotient, taking total funds raised to $264 million dollars till date. Ankush Sachdeva, CEO & Cofounder, ShareChat said that Moj was on an explosive growth trajectory and the funding would be used to invest into product development, ML capabilities and helping creator community.
"Post ban it has been a fantastic ride for us," says Manohar Charan, VP - Corporate Development and Strategic Finance, ShareChat with monthly revenues seeing 8-10X (June Vs Sep) growth. Since users are looking for an alternative to TikTok, the short video apps space has seen several home grown players mushrooming overnight. ShareChat claims to have seen close to 70 percent of such users come to its platform. "What will happen is users will come looking for an alternative but will eventually stay in places where they find the depth of content and the product is good. That is where we have an upper hand," Manohar adds.
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