Indian social media platform ShareChat has raised $49 million in funding, confirming earlier media reports. Separately, aerospace components manufacturer JJG Aero has secured $12 million in inaugural funding from CX Partners.
ShareChat raises $49m in funding
Indian social media platform ShareChat has raised $49 million in funding, confirming earlier media reports.
Existing investors Temasek and Lightspeed, joined by HarbourVest, Moore Strategic Ventures, Rimco and Alkeon participated in the round.
The latest funding round comes after a two-year gap for the company, which has reportedly seen a drop in its valuation to $1.5 billion from a peak of $5 billion in June 2022.
Founded in 2015 by Sachdeva, Farid Ahsan, and Bhanu Pratap Singh—graduates of IIT Kanpur—ShareChat is a vernacular social media platform that allows users to share their opinions, record their lives and make new friends.
On Monday, the company said the ShareChat app is already operationally profitable, and the short video app Moj is expected to achieve operational profitability over the next few months. “In four to five quarters, the company expects to be pushed to profitability, followed by an IPO. The new funds will be utilised to bolster our robust monetisation plans and propel us on our path to breakeven and beyond.” Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj said.
Inc42 was the first to report about the funding last month.
Aerospace components maker JJG Aero snags $12m
Aerospace components manufacturer JJG Aero said it has secured $12 million in inaugural funding from CX Partners.
The funds will be used primarily to increase its manufacturing capacity at its new facility, further vertical integration, and other corporate initiatives.
Established in 2008, JJG Aero specialises in manufacturing build-to-print high-precision machined components, with in-house special process finishing capabilities. While the company is focused on building its business in the commercial aerospace segment, its diverse capabilities are put to use with its customers in the automotive and industrial segments.
“The aerospace supply chain is facing all-time high demand from aircraft manufacturers, which the legacy vendors in the Western world are struggling to meet. With our strengths and value proposition, we see ourselves emerging as a key player in the aerospace ecosystem,” Anuj Jhunjhunwala, CEO, JJG Aero, said.
The company said its clients include marquee American & European OEMs and Tier-1 vendors.