 "ShareChat raises $49 mn via convertible debentures from existing investors")
Homegrown social media company ShareChat on Monday announced it has raised $49 million (about Rs 407 crore) by way of convertible debentures from existing investors Lightspeed, Temasek and Alkeon Capital, among others.
The capital raise will help the company invest further in its ad targeting technology as well as in continuing the growth of consumer transactions business on ShareChat Live and Moj Live, according to a release.
"ShareChat (Mohalla Tech Pvt Ltd)...today announced the closure of its $49 million funding round via convertible debentures led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others," the release said.
ShareChat app is already operationally profitable, and short video app Moj is expected to achieve operational profitability over the next few months, it said.
As the company marches towards profitability, it announced an organisation-wide ESOP bonus programme that will double the ESOP ownership for all of its current employees.
The move is aimed at retaining its top talent and rewarding them for taking the company to a financially healthier state.
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Ankush Sachdeva, CEO and Co-founder of ShareChat and Moj, said the new funds will be utilised to bolster the robust monetisation plans and propel the company on a path to break even and beyond.
The continued support of existing investors "in a challenging financial environment is a resounding vote of confidence for the path we have taken over the past years to move rapidly towards profitable growth", Sachdeva added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)