ShareChat, a regional language social media platform, is in talks with Tencent Holdings and others for funding to raise as much as $200 million.
It is seeking a valuation of $600-700 million in the latest round of funding, Mint reported earlier.
The company was valued at around $460 million when it last raised money in September. It attracted investments by existing backer Shunwei Capital along with new investors Morningside Ventures of China and Jesmond Holdings, an affiliate of Russian billionaire Yuri Milner’s DST Global.
Founded in October 2015 by three IIT-Kanpur alumni, Ankush Sachdeva, Farid Ahsan and Bhanu Singh, ShareChat allows users to discover 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.
At a time when Chinese media giants are foraying into the Indian regional content startups space, Tencent, best known for its WeChat messaging service, could help ShareChat take on the rivals – Helo and TikTok.