In this round, $1 million has been invested by SAIF Partners, however, $25,000 was contributed by existing investor India Quotient.
As per the founders, in last October, the capital was raised and is declared official now. The raised funds were utilized in building their technology architecture. Initially, in February 2015, India Quotient has invested almost $100,000 was invested in the firm.
ShareChat is a social networking platform in various regional languages that was created in October 2015 by 03 students of IIT Kanpur named, Farid Ahsan, Bhanu Singh, and Ankush Sachdeva.
Farid said, “Just like other social network journeys, our focus right now is on getting the engagement and audience sorted first. We are looking to reach at least 25-50 million users before we start experimenting with different revenue streams. The simplest way for us to get revenues is through sponsored posts, advertisements, as well as services and micro payments.”
The trio got the idea of developing such platform when they had introduced a new app taking the discussion to a Facebook group. Within an hour, the founders claimed to have collected close to 30,000 phone numbers just through comments.
The company claims to have 500,000 active users and has received 1.3 million installs for its app, 950,000 from the Google Play Store and 350,000 installs (the rest 25 percent ) through APK shares (direct sharing). In addition, 10,000-12,000 unique content pieces are created by users, every day.
By August 2016, the company plans to launch the platform 06 other regional languages, including Tamil, Punjabi, Bengali, and Oriya amongst others. ShareChat also plans to expand their reach either into South East Asia or Africa by July 2017. Currently, the major areas where the firm gets its traffic from Western Maharashtra, Gujarat, Eastern UP & the Middle East, especially for the Malayalam content.
Stressing on the critical social media issues, how does ShareChat filter the unseemly content
In response, Farid said that the distributed content is supervised by the local languages team of the company. Also, the app has inbuilt porn-filtering algorithms. Recently, ShareChat decides to pick users who can operate as content moderators.
Farid says “The platform supports close to 50-55 different content formats, right from jokes, videos, to health tips, stories, and newspapers. It is present in four local languages Malayalam, Marathi, Hindi, and Telugu. The firm also plans to launch the app in Gujarati by the end of this month.”
ShareChat is available only for Android users because Google searches are not instinctive for regional languages.