ShareChat to strengthen presence in tier II cities

The Bengaluru-based company, which has about 60 million monthly active users (MAUs), aims to double its userbase by December 2020.

"We are on track to win over the next billion users and scaling our platform. We envision a positive and exciting future for ShareChat. Every successful internet company has invested in building the scale first, before focusing on the bottomline," Farid Ahsan, Co-founder and Chief Operating Officer of ShareChat, said in a statement.

The company noted that hat 15-20 per cent of SharChat users are from the top eight cities in the country, about 30-33 per cent users are from locations that would be classified as small towns and villages.

Given that the platform is available for users in their local Indian languages, the engagement levels are high at about 23-24 minutes a day.

The company is now looking at also stepping out on its monetisation efforts.

"We have been running different pilots and is engaging with different brands to offer "experiences" to users rather than just building ad inventory," said Sunil Kamath, Chief Business Officer, ShareChat.

ShareChat -- operated by Mohalla Tech -- in August, said it had raised $100 million in series D funding round from microblogging site Twitter and others --- taking its total funding raised to $224 million.

Its investors also include names like TrustBridge Partners, Shunwei Capital, Lightspeed Venture Partners, and SAIF Capital.