 "fundraising")
Indian social media app Sharechat is in talks with US-based venture capital firm Sequoia Capital to raise around Rs 1,500 crore, according to a source.
Sharechat has seen over 100 per cent growth in its downloads and active user base in India since the government blocked 59 Chinese apps, including Tiktok, in June.
"Sharechat is in active discussion with Sequoia Capital to raise around Rs 1,500 crore. It should take valuation of Sharechat to around Rs 7,500 crore. In normal course, the transaction should be done within a quarter," the source told PTI.
Sharechat declined to comment on the issue.
According to industry estimates, Sharechat's monthly active user base has grown to 14 crore from around 6 crore a month ago.
Similarly, the app's total downloads are estimated to have crossed 20 crore from around 9.8 crore a month back.
(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.)
