China-based smartphone and consumer electronics manufacturer Xiaomi is in talks to invest $15 million in ShareChat. ShareChat is a Bengaluru-based social networking and regional content platform.
Reportedly, Xiaomi and ShareChat have already inked the big deal, but haven’t closed it yet officially. The app, which claims to have 1.3 million daily active users and 4.2 million monthly active users, can be easily downloaded from Google Play Store. It is said to have been downloaded 10 million times already.
Incepted in the year 2015 by three IIT Kanpur alumni ‑ Farid Ahsan, Bhanu Singh and Ankush Sachdeva, ShareChat, in simple words, is a social media platform in local Indian languages. With ShareChat, one can share videos, jokes, GIFs, audio songs and funny images from India in Indian languages like Hindi, Telugu, Marathi, and Malayalam.
Sharing his vision about ShareChat, co-founder Farid Ahsan said:
This is a young and aspirational set of population which is coming on the internet now, on the back of cheap smartphones and easy availability of mobile data.
Further commenting on the company, he said:
They are very different from people in the big cities who have been using emails and social media for almost a decade. We want to cater to this fast-growing group of users.
The platform claims to cater in 10 regional languages. The startup plans on raising funding somewhere between $65 to $70 million so that they can add more regional languages and cater to more diverse people all across the country. It is interesting to note that ShareChat doesn’t have English as a language of choice on its platform.
This isn’t the first time that Xiaomi is considering pumping money in platforms catering to regional Indian content users in the country. Previously, the Chinese major had led a $25 million investment into digital media entertainment company Hungama that reportedly has over 8000 movies in Hindi, Tamil, Telugu, Malayalam, Bengali, Punjabi and six other Indian vernacular languages on its platform.