By Aditya Kalra

NEW DELHI, (Reuters) – ShareChat has announced that it raised $266 Million in new funding from Alkeon Capital USA and other investors. This brings its value to $3.7 Billion.

Alkeon led the new investments as part of ShareChat’s third round this year. Participants included Temasek Holdings Singapore and Moore Strategic Ventures.

Reuters first reports on the fund raising.

ShareChat received $145 million from Temasek, among others in July at an estimated $3 billion valuation.

Indian content-sharing, short-video apps and apps for sharing video have grown in popularity since New Delhi bans TikTok by ByteDance and several other Chinese apps last year following a clash at the border between India and China.

ShareChat allows Indian language users to create content and has over 180 million members. Following the ban of TikTok, an Indian firm launched Moj, a shorter-video sharing app. This has 160m users and includes Meta Platforms Inc’s Instagram Reels.

“Both of our products have been the leaders in this market… ShareChat’s CEO Ankush Sachdeva said that this new funding will strengthen our position as well as help us provide immersive social experiences.

The company will also use the funds to develop its apps’ artificial-intelligence capabilities, it said.

Investors who wish to capitalize on India’s rapidly growing population of smartphone and internet users have sought out social media and video-sharing applications in India. Indian consumers, urbanites and rural alike, increasingly consume digital video content via apps or streaming services.

ShareChat stated in a statement that its Moj app users spent on average 34 minutes per day watching video content.