Regional language social media platform, Sharechat is reportedly in advanced conversations with Tencent Holdings and others to raise funding of about $200 million.
The company is eyeing a valuation of $600-700 million as it inches towards its latest funding.
The company’s net worth was estimated at $460 million when it secured its last round of funding in the month of September by its existing VC Shunwei Capital along with Morningside Ventures of China and Jesmond Holdings, which is an affiliation of DST Global.
ShareChat was incepted in the year October 2015 by three alumnus of IIT Kanpur, Ankush Sachdeva, Farid Ahsan and Bhanu Singh. The platform enables users to identify and share content in Indian languages.
It currently allows users to create posts, follow people, consume all types of multimedia content, message one-on-one and even share things onto various other communication platforms.
Chinese media firms are aggressively focussing on the India offlate and Tencent, the provider of WeChat messaging service can enable Sharechat to increase its market share in the country’s OTT segment.