Mohalla Tech which is a subsidiary of the very successful ShareChat just came out to announce that the company has successfully raised $ 78 million USD in their latest round of funding. The valuation of the company at which they were able to raise the money stood at $ 4.9 billion USD. Many known fund management companies such Singapore based Temasek Holdings took part of the funding and a surprise addition of Google’s parent company, Alphabet Inc also took part in the round of investments.
Moj which is which is a video social media platform that is part of the Mohalla Tech family has also been included in the deal. The company has been given 1,501 compulsorily convertible preference shares. Each share has been set at an amount of Rs. 40,44,944 meaning that the total deal for Moj amounts to well over Rs. 600 crores. This is all according to the official reports that have been put out by the company after the deal was officially done.
The reports also state that the company might look into raise more money very soon in the same round of funding. According to a few sources, the company might try to raise more funds amounting to $ 300 million USD in a round that will be primarily led by existing investors in Alphabet Inc and Temasek Holdings and even bring in a new investor in Times Internet.
Mohalla Tech is an Indian based software company that provides solutions and assistance in software and other related fields. They also help platforms in uploading various types of files such as pictures, videos and GIFs. The company was founded 7 years ago back in 2015 and its head office is situated in Bangalore, Karnataka.
Once this round comes to a close, it is estimated that Alphabet Inc will be owning just over 1% of Mohalla Tech while Temasek Holdings will be owning over 2.5% of the company.
Ever since the company’s inception 7 years ago, the company has raised well over $ 2 billion USD. The company also received an additional $ 100 million USD in debt from a Chinese based fund management company.
Mohalla Tech has also been going on an acquisition romp as they look to remove competitors in the short video format space now that both Instagram and Youtuber have entered that space with their reels and shorts which were introduced to combat TikTok’s ever growing popularity.
