ShareChat in talks with Sequoia, others to raise up to $200 mn: Report

NEW DELHI (Reuters) – Indian content-sharing platform ShareChat is in early-stage talks with U.S.-based Sequoia Capital and some other investors to raise up to $200 million, which could value the company at over $1 billion, three sources aware of the matter told Reuters.

ShareChat has appointed JPMorgan to advise on the new fund raising which it expects to complete before the end of the year, said the sources, who declined to be named as the talks were private.

The discussions come as Indian apps such as ShareChat are seeing a popularity surge after New Delhi in June banned 59 Chinese origin apps including ByteDance’s TikTok following a border clash between the two countries.

ShareChat, in which Twitter last year invested an undisclosed amount, declined to comment. It has 140 million monthly active users in India.