Farid Ahsan’s ShareChat raised $18 million in Series B funding. The round was led by Shun Wei Capital and Xiaomi Singapore, with existing investors Lightspeed Venture Partners, Saif Partners, India Quotient and VH Capital also participating in the fundraising round.

The funds will be used to strengthen the Machine Learning and AI efforts of the company to expand the technology divisions, for expansion, and for efficiently managing the increasing cloud infrastructure costs.

ShareChat is India's own social network, a place for small town users and vernacular content.

“The faith of our investors has further validated our model and boosted our confidence that we are creating a valuable solution for India. We will use this fresh round of funds to build an even stronger tech team and expand our operations deeper into the country,” said Farid, co-founder at ShareChat, in an interview with YourStory.

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Website Link: https://www.sharechat.com/

(Image credit: ShareChat)