Happy to share we have raised $50m from Lightspeed, Temasek & other investors
Last 2 yrs have been transformative for us at ShareChat, as we shifted our focus from solely driving user growth to building our revenue generation capabilities & advancing towards sustainable growth🧵
Excited to share that we have raised $502mn at $2.1bn valuation from Tiger Global, Lightspeed, Snap, Twitter and others
This capital will help us accelerate our journey of building India's largest AI-powered content ecosystem.
Read more about journey -
It was great meeting Jensen Huang and sharing our journey of building a world-class recommender system for 300+ m MAUs and also being one of the largest compute consumers in India.
It was inspiring to hear his vision for what AI could do for humanity!
We look forward to
Excited to have
@Twitter
onboard our journey in building the social platform for the next billion users. We look forward to interacting closely with
@jack
,
@kayvz
&
@manishm345
and learning from their experience.
Thanks to all our early investors for their continued support.
In the 6 years of building
@sharechatapp
and
@mojappofficial
, we have had many significant milestones but the one I am sharing today is the most satisfying.
We are doing our first ESOP buyback of upto $19.1million worth of stock options!
Read more -
Ram Mandir Pran Pratishtha was a bigger event than Diwali for Bharat!
And contrary to the popular belief, most south Indian states showed a higher participation than Hindi speaking states for the event.
Sharing some stats on how Bharat celebrated this event
Happy to share that we have concluded our ~$650mn Series F round raising additional capital from Temasek, Moore Strategic Ventures & Mirae at ~$3bn valuation.
We are thankful and excited to have them in our journey of building India's largest AI-powered content ecosystem.
As a true testament to our growing recognition in the global technology space, ShareChat was featured in the NVIDIA CEO Jensen Huang’s keynote presentation at GTC 2022 yesterday during the segment on Merlin – a framework for powering large scale recommender systems. 1/7
Excited to announce our partnership with
@Flipkart
to enable Video & Live commerce on
@mojappofficial
and unlock a major monetization lever for our creators.
Thread... 🧵
It was a pleasure to have breakfast with
@sundarpichai
today. It was interesting to know that India is now the top country in terms of usage for most Google products
Bhanu, Farid and I started ShareChat 8 years ago right out of college with a dream of building India’s largest content platform.
We have come a long way since then, going through several ups and downs, facing the most daunting challenges and building a fearless team.
We moved to our new office in Bengaluru this week and started on our new hybrid way of working.
I still remember when we started—with just a couple of workstations in Mumbai.
We’ve come a long way since then!
A few pictures of our various offices on this journey🧵
"After launching in April 2020, we grew quickly to become the largest live audio product in the country, with 1.2 billion minutes being streamed on our platform monthly."
Read more in our blog.
ShareChat Chatrooms have emerged as Bharat's largest voice-based hangout destination, with the power of language-first approach.
Our product team has elaborated their learnings and the product journey since its inception. Click to read the blog.
Great to see
@sharechatapp
among the most valuable Indian brands in the latest Kantar report.
Proud of all the hard work our team has put in over the years to make ShareChat a household name across the country 💪🇮🇳
Being an Indian company we deeply understand the social ramifications of fake-news/hate-speech at such a sensitive time for our country.
We strive to build a safe community for everyone at
@sharechatapp
JUST IN: ShareChat has taken down nearly half a million pieces of content & removed 54,400 accounts since Feb for spreading fake news, hate speech, spam and conducting coordinated misinformation campaign, in the run up to Elections
@MeghaMandaviaET
Welcome to the world Mast Moji - our first virtual creator.
Lots of interesting ways how virtual creators will help our community - participate in challenges, dance alongside other creators through Moj AR lenses and even endorse brands!
Follow him on Moj
🆕🆕After clocking partial exits from portfolio firms like Sharechat and Sugar Cosmetics, India Quotient gets $64 million from domestic investors for the first close of its 4th fund,
@anandlunia
@sinhamadhukar
The next few years will cement the course of India's digital ecosystem - out of which will emerge our domestic tech giants.
Time to go heads down into execution and continue growing
@sharechatapp
सभी का धन्यवाद 🙏
Our premise - scarcity of content in Indic languages - only gets stronger as we go deeper in India.
Great time to build for Bharat.
@sharechatapp
now in 4 new languages.
Much needed for the ecosystem!
We shared our ESOP practices recently during our buyback.
1)Uniform quarterly vesting
2)Price of Re 1 to exercise a stock option
3)Vested ESOPs dont expire after you leave the company
As the ESOP culture grows in India (via startups), its imp we establish right benchmarks.
Seeing many cases in India of differential vesting schedules (eg. 5%, 15%, 30%, 50% over 4 yrs). This makes no sense, is just unfair
Equi-vesting is the way it shld be: 25% vesting per yr!
Excited to announce that
@sharechatapp
is hosting the RecSys Challenge 2023 organized by
@TheOfficialACM
.
Recommender systems are at the core of what we do at ShareChat and Moj.
We’re thrilled to announce Elevation's Fund VIII of $670M & reaffirm our commitment to visionary founders in India. Seed/Series A investing is our ikigai; the perfect intersection of our capabilities, passion & the needs of the founder ecosystem
Kannada saw the highest increase of 4x
Gujarati, Telugu & Malayalam around 3x
Hindi & Marathi around 2x (at par with the country average)
Tamil being the only language that showed lower participation than Diwali
Delighted to share that we’ve joined forces with
@JioCinema
to deliver exciting bite-sized sports content directly to our community at
@sharechatapp
and
@mojappofficial
Read more here -
We saw posts coming from all across the country - from metros to the smallest towns with people celebrating this historical day in their own unique way.
Sharing some of them -
We hit our first milestone of making the ShareChat product profitable in October 2023.
We are now expecting the Moj product to be profitable by Jun'24 and overall company being profitable in next 12 months.
Each of the AI disciplines (CV, NLP, Speech, RL) being developed on the same building blocks (transformers, CNNs) !!
This makes any progress in any one discipline far more transferable to another!
AI is at an inflection point! 🤯
The ongoing consolidation in AI is incredible. Thread: ➡️ When I started ~decade ago vision, speech, natural language, reinforcement learning, etc. were completely separate; You couldn't read papers across areas - the approaches were completely different, often not even ML based.
Have you ever wondered how Bharat celebrates Independence Day on the Internet? Well, by sharing a whopping 3.5 mil posts per hour!
Come take a dive with me in the amazing world of ShareChat and Moj in this blog -
Ram Mandir topic saw 15 lakh content posted by our community garnering 400+ crore views on Moj & SC - along with 5cr shares onto Whatsapp.
The views in this topic are about 2x of what we saw in Diwali last year!!
And it gets interesting when we look at this data state-wise
TIL - Unusually high number of people in South India have their birthday on June 1 since that is when academic session starts in schools.
We saw a surge in that content category at
@sharechatapp
Same trend on Google.
Also
This has been a steep learning experience for all of us but we are confident we will come out on the other side as the largest profitable social media company of India with 30cr+ community and build from there on! 🇮🇳🔥
Excited to have you in our journey
@erishabh
We're building a world-class recommender system for a billion Indians 🇮🇳 and expanding our global AI org
If you're interested, visit us here
Excited to announce that I have joined ShareChat (
@sharechatapp
) as Director of Machine Learning
I’m trilled to lead the Marketplace AI charter, and work on problems at the intersection of feed ranking, marketplace optimization and creator ecosystem
Bhanu & Farid believed that this would be the right time for them to step down from their active roles in the company. They would however, continue to be a guiding force and stay on the board.
Over last few months, we have onboarded several senior leaders in the company who Bhanu & Farid have helped in getting ramped up and become well-equipped in steering the company going forward.
Our team has been the driving force behind our significant progress so far.
In appreciation of their incredible contributions and to encourage sustained momentum, we are thrilled to announce a one-time ESOP bonus for all our employees.
We deeply understand how much effort our creators put daily to entertain their fans.
Content creation is a full-time activity and should not be a side gig for our Mojis.
Our goal at ShareChat and Moj is to enable lakhs of creators to build a livelihood on our platforms!
Netflix CEO
@reedhastings
has argued that one of the network effects they have is that at scale they can more efficiently serve individual niches. Somewhat counter intuitive, but personal or special tastes will find what they love more often over time. All in one low $ package.
This bonus effectively doubles their total ownership in the company. To facilitate this, we have allocated an ESOP pool that represents 3.5% of our cap table for these bonus grants.
@kaushikmkj
Congrats
@kaushikmkj
and
@runophilia
More power to you 💪
@IndiaQuotient
is definitely one of the best partner to have in the early part of your journey.
I'm not surprised they participated in your C round as well - they take long term bets with incredible conviction 🙏🙏.
हं आपके सामान या सेवा का डिजिटल पोस्टर बनाके:
1) Facebook: 10 Groups (5000 Members Each).
2) Instagram.
3) Sharechat.
*दीपावली ऑफर*
१ पोस्टर + प्रसारण = ३०/-
२ पोस्टर्स + प्रसारण = ५०/-
५ पोस्टर्स + प्रसारण = १००/-
ऑर्डर के लिये (Whatsapp): 8652039739.
Our 3rd office in Koramangala in 2016 - opposite Forum Mall.
We had a cricket pitch inside the office!
I, Farid and Bhanu lived here for 6 months before we rented our first house outside.
The whole northern belt is under quilt with their smartphones on.
Interesting to see negative correlation between temperature and engagement time
@sharechatapp
Social media influencers today play an important role in inspiring consumers about to what to buy and driving the fashion trends.
Moj users while consuming content on the platform also keenly observe what clothes, gadgets and accessories our creators are having....
For creators, this will become a significant way to monetize their Moj account.
Moj(& ShareChat) will be driving close to a billion $ of annual ecommerce GMV in India in the next 3 years and creators would get a sizeable share of this.
This phenomenon is even more pronounced during a livestream when creators can actively help their fans to make better buying decisions.
And this goes beyond just fashion...
@shiladitya
.
@ishaanpreet
mentions "offline ad value of vernacular user is around ~$6" which is per annum i.e. annual ARPU
The author has a rebuttal "Facebook, globally has a ARPU of ~$5 per user" which is quarterly ARPU.
Classic mistake of comparing annual ARPU to quarterly ARPU.
A lot of Moj creators for example put educational/inspirational content. They could in a live stream recommend their followers the best exam-preparation/self-help book to buy.
@shiladitya
@ishaanpreet
"But in India, it is a market that needs selling"
Toutiao in China employs 1000s in sales team to fill their digital ad slots. Most of the US social networks scaled up this way. It always takes some human persuasion to move the market digital. It's not an India-only phenomenon.
@shiladitya
@ishaanpreet
"A UGC only strategy alone cant drive product usage and engagement this India"
We have already disproved it. Our DAU spends half an hour per day, consuming content which is 99% UGC.
When we started ShareChat - we used Whatsapp sharing as a means to grow organically.
I remember our servers crashed on the new year's eve of 2015 due to the unexpected spike in traffic. That's when we really understood the magnitude of this behaviour during festivals.
We have come a long way since then with various diverse content categories emerging on the platform but it's still amazing how much of the festival sharing behaviour continues till date!