sharechats

Social media startup ShareChat’s valuation has cratered below $2 billion from nearly $5 billion in a new funding round, a source familiar with the situation told TechCrunch, marking a steep decline for the nine-year-old Indian startup that boasts over 400 million users in the South Asian market. It did not disclose the valuation at which the funds were raised but strongly denied that its new valuation was below $2 billion, asserting there was “no valuation” attached to the round. Existing investors including Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest have invested in the new round, the startup said. Their debt will convert to equity at a valuation below $2 billion in the next round, according to a source with direct knowledge of the terms. ShareChat was valued at $4.9 billion in a funding round it raised in mid-2022.