India: ShareChat raises $16m debt financing from EDBI, lays off 5% staff

India: ShareChat raises $16m debt financing from EDBI, lays off 5% staff

ShareChat and stock graph are displayed in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/Illustration/Files

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short-video entertainment app Moj, has raised an additional $16 million in debt financing from Singapore-based EDBI, taking the total amount raised in its ongoing round to $65 million.

Edited by: Joymitra Rai