Twitter, Snap invest in India's version of TikTok
Snap and Twitter joined other investors in pouring $502 million into India's Mohalla Tech, the operator of TikTok-like app Moj and social media platform ShareChat.
The funding round, which was led by investment firms Tiger Global and Lightspeed Venture Partners, boosted Mohalla Tech's valuation to a little over $2 billion.
Twitter has taken part in two previous funding rounds for Mohalla Tech, while it is Snap's first investment in the company. Mohalla Tech has raised over $766 million in six funding rounds. It has 280 million users across short video app Moj and ShareChat.
Moj, which was launched less than two days after India banned TikTok in June last year, has supposedly amassed 120 million monthly active users, showing India's drive to replace popular Chinese apps that were banned.
Mohalla Tech CEO and co-founder Ankush Sachdeva said the infusion of capital would let them continue to aggressively grow their user base.
Scott Shleifer, a partner at Tiger Global, said they are impressed with the company's understanding of rapidly evolving technologies and its ability to execute quickly. He added that Moj is well-positioned to seize short video opportunities in India.