Indian social media company ShareChat has announced the closure of its $49 million funding round from Lightspeed, Temasek and other investors. Co-founder and CEO of ShareChat and Moj, Ankush Sachdeva announced the news in a linkedin post on Monday. 

This capital raise will help the company invest further behind its Ad targeting technology as well as continuing the growth of consumer transactions business on ShareChat Live and Moj Live.

The ShareChat app is already operationally profitable, and the short video app Moj is expected to achieve operational profitability over the next few months, Sachdeva said. 

The last two years have been transformative for us at ShareChat, as we shifted our focus from solely driving user growth to strengthening our revenue generation capabilities and advancing towards sustainable growth.

In this period, we've made significant strides in becoming a more sustainable business, reducing our monthly burn by 90% and doubling our revenue! 

“This has been a steep learning experience for all of us and we are confident we will come out on the other side as the largest profitable social media company of India with 30 cr + community and build from there on!,” Sachdeva noted.