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ShareChat to raise up to $50 mn in a bridge round
Mint Mumbai
|October 05, 2023
ShareChat, the shortvideo platform backed by Google Llc, is seeking fresh investments that would value the social-media company at $2.2 billion, marking a 55% drop from the valuation it secured last year, two people aware of the development said.
"The company is looking at a bridge round of around $40-50 million in primary capital," said one of the people mentioned above.
However, a third person close to the founder said it would be a growth equity round as the company is getting closer to breaking even.
"The company has brought down the monthly burn from $45 million in 2022 to around $5 million now. The marketing costs are down by 98%. The revenues are now close to meeting the burn." The company had announced mass lay-offs in January, affecting almost 20% of its workforce. It also shut its gaming division last year and scaled down its social-commerce, live-commerce and fact-checking vertical to contain the burn.
The company's annualized revenue run rate is around $120 million.
A ShareChat spokesperson declined to comment.
This story is from the October 05, 2023 edition of Mint Mumbai.
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