Snap and Twitter are backing India's answer to TikTok
CNN
Snap and Twitter are among a group of investors that have just poured half a billion dollars into Mohalla Tech, an Indian startup that owns social media platform ShareChat as well as Moj — a TikTok-like app that has soared in popularity since the Chinese original was banned in India last year.
The $502 million funding round was led by investment firms Tiger Global and Lightspeed Venture Partners, and boosted the valuation of Mohalla Tech to a little over $2 billion, the company said in a statement on Thursday. This is Snap's first investment in the company, while Twitter has taken part in two previous rounds, a ShareChat spokesperson told CNN Business. "With this infusion of capital we would continue to aggressively grow our user base," Mohalla Tech CEO and co-founder Ankush Sachdeva said in a statement.
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