ShareChat

The deal values the company at USD 2.88 billion and is part of the Series F round it kicked off in April when it raised USD 502 million from Tiger Global, Snap, and Twitter.

The startup claims to have 160 million active users on its main social networking app and 80 million on its short-video app, Moj.

While ShareChat would be Snap’s first investment in the Indian startup ecosystem, for Google, the deal would mean backing third short video app from India after Josh and Roposo.

Sharechat has emerged as the largest TikTok competitor in India. It was reported to be in talks to raise USD 150-200 million from Microsoft and Google to expand its short video app Moj.

From striking exclusive partnerships with influencers to creating monetization tools for creators, short video apps are exploring ways to woo users and creators.

It’s also in talks with investors to raise USD 100 million for its upcoming Series E.

JioSaavn’s local competitor Gaana launched its own short-video app HotShots in July.

According to the company, monthly active users (MAU) for the ShareChat app stand at 130 million, while Moj has over 50 million MAUs.