The advancement of social media platform was possibly only ten years old when smartphones and the internet updated how people communicate. With the vision of giving better communication and afterward networking platforms, in October 2015 ShareChat application is developed.
Three IITians established ShareChat from IIT Kanpur, namely Farid Ahsan, Bhanu Singh, and Ankush Sachdeva. At first, ShareChat application began as a content sharing platform for the famous texting messaging app WhatsApp for the users who need to share more than 100K content in a day.
ShareChat application is based on a fundamental idea. The story began when the co-founders saw a section of the audience who loves to express; however, they don’t have a platform and open the door to hesitant to express. So preferably, this local crowd has their preferences regarding content consumption, which without a doubt, can’t be served by social product utilized by the metro crowd.
As indicated by the co-founders, this regional crowd was broadly unaddressed, and the market was moderately unexplored until ShareChat application came into the market. This is how the ShareChat was born by the three brilliant personalities who exploited a general idea to set up this million-dollar startup.
ShareChat Application Getting Million New Users
Since the Indian government announced a ban on 59 Chinese applications, ShareChat has been getting many new users, about half a million every 60 minutes. This startup isn’t getting the profit by TikTok, Helo, Vigo Video, and Likee being restricted in India all alone. TikTok, Vigo Video, and Helo had almost 300 million clients in the nation, while Likee had more than 115 million users, the maximum number of whom are from India.
Over the recent six months, ShareChat application has intentionally supported user engagement on the platform, incorporating building a few interest-based micro-networks concerning subjects, for example, trade and religion, gaming, video making, and more.
This pandemic plays a significant part in accelerating the development of ShareChat application. “We have seen extraordinary development in both content creation and engagement during the lockdown. New gainers for us are groups like news, devotion, and health,” ShareChat CBO Sunil Kamath told.
“The user-generated content (UGC) has additionally expanded from an average 8 lakh posts a day in week 1 to about 9.5 lakh after three weeks an 18.75 percent raise,” he said.
Categories like news are currently observing around 65,000 posts being made a day, while devotion and health see 24,000 and 80,000 posts being produced every day on the ShareChat application, individually.
ShareChat Acquires Video Production Startup
“Content is the King”
ShareChat application is utilizing this strategy to tap the next million users in India. They have acquired video production organization HPF Films, which has expertise in digital content. With this, the 25-group member from HPF Films has joined ShareChat. They will contribute to content creation operation, digital marketing, creator management, and creative solutions for both ShareChat application and its short video platform Moj.
Remarking on the same, Sharechat’s VP of corporate development and strategic, Manohar Charan, stated, “This acquisition will assist us with building a structure for our creators and nurture them to grow as influencers on the ShareChat application. Besides, HPF’s strength on the creative side will likewise help us in making creative, high performing publicizing solution for the brands looking at engaging with our crowds.”
It has raised $40 million from a clutch of financial investors after the Indian startup gained many new users. The startup’s latest fundraiser is its “pre-Series E” financing round. The startup is drawing in with some significant VC funds and corporate giants to raise more than $100 million in the following few months. ShareChat application has raised about $264 million to date.
The new capital will enable ShareChat application to support the creator on its platform, Sachdeva said. ShareChat created the short-video application Moj at the beginning of July, days after the government restricted TikTok, which had around 200 million users in India.
ShareChat’s marquee and eponymous application, which serves users in 15 regional languages, has developed “exponentially.” The application has amassed 160 million monthly active users, up from 60 million during the same period a year ago. A user spends typically around 31 minutes on the ShareChat application every day, the startup said.
The banning of the Chinese App has created an ocean of opportunity for startups. While specialists have said that the boycott is due to the nation’s anti-China thought, it makes an open door for Indian brands, regardless of whether these new users will adhere to these new platforms is not clear yet. Sharechat application has more than 150 million registered users currently, in which 60 million monthly active users.