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ShareChat’s valuation drops below $2B after new funding round
Social media startup ShareChat's valuation has cratered below $2 billion from nearly $5 billion in a new funding round, a source familiar with the Social media startup ShareChat's valuation has cratered below $2 billion from nearly $5 billion in a new funding round.
The Bengaluru-based startup, which operates a popular social network supporting a dozen Indian languages as well as a short-form video app, announced on Monday that it had raised $49 million in a convertible round. “When the market turned, we had to temper [acquisitions and creator payments] and move towards more profitable growth,” Ankush Sachdeva, ShareChat’s co-founder and chief executive, told TechCrunch in an interview. ShareChat has reduced its monthly cash burn by 90% over the past two years while doubling revenue, attracting large FMCG firms and gaming companies as advertisers.
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