ShareChat Raises Rs 134 Crore from Singapore's EDBI in Convertible Debenture Round

Home-grown social media company Mohalla Tech, owner of ShareChat platform, has raised Rs 134 crore (USD 16 million) from Singapore-based investor EDBI. This extends its convertible debenture round to USD 65 million. Previously, the company secured USD 49 million from existing investors, and recently retrenched 5% of its staff post performance review.

Home-grown social media firm Mohalla Tech, which owns the ShareChat platform, announced on Sunday that it has raised Rs 134 crore (USD 16 million) through debt bonds from Singapore-based investment firm EDBI.

With this fresh injection, the company has expanded its existing convertible debentures round to a total of USD 65 million, demonstrating continued investor confidence in its growth potential.

Earlier in April, ShareChat raised USD 49 million via convertible debentures in a funding round led by existing investors, including Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest.

However, the company has also faced challenges, including the retrenchment of 5% of its workforce following a mid-year performance review. A spokesperson stated that this affects less than 5% of employees and mentioned ongoing recruitment efforts to attract high-quality talent across functions.

(With inputs from agencies.)