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    A035420   KR7035420009

NAVER CORPORATION

(A035420)
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India's ShareChat raises $145 million from Temasek, others at near $3 billion valuation

07/27/2021 | 12:08am EDT
Small toy figures are seen in front of displayed TikTok, ShareChat and Moj logo in this illustration taken

NEW DELHI (Reuters) - Indian content-sharing platform ShareChat has raised $145 million in fresh funding from Singapore's Temasek Holdings and two other investors, giving it a valuation of $2.88 billion, the company told Reuters on Tuesday.

The funding signals growing fascination for Indian content-sharing and short-video apps that have become popular ever since New Delhi last year banned ByteDance's TikTok and some other Chinese apps following an India-China border clash.

ShareChat allows users to post content in 15 Indian languages. After TikTok was banned, the Indian firm also launched a similar short-video sharing app named Moj which has since become popular and clocked millions of downloads.

The latest funding round was led by Temasek and Moore Strategic Ventures, with participation from a fund jointly set up by Mirae Asset and South Korean web portal Naver Corp, ShareChat said in its statement. Reuters is first to report the fund raise.

The latest investments come around four months after ShareChat raised $502 million from Tiger Global, Snap Inc, Twitter and some others, which at the time valued it at just over $2.1 billion.

"Investments raised this year including this additional capital infusion will help the company double down (on) its strategic priorities," ShareChat said.

The company will continue to invest in artificial-intelligence capabilities of video app Moj and enhance its in-app editing tools, said CEO Ankush Sachdeva.

ShareChat has 180 million active users. Moj has 160 million users and counts Facebook's Instagram Reels as its top rival.

India's digital startups ecosystem is becoming a darling of investors.

China's Ant Group-backed food delivery firm Zomato had a stellar debut on Indian bourses last week, valuing the firm at $13 billion, while others including SoftBank-backed ride-hailing firm Ola are also eyeing IPOs.

ShareChat has no immediate IPO plans and the company for now will focus on expanding its current business and offerings, a source familiar with the strategy said.

(Reporting by Aditya Kalra in New Delhi; Editing by Sonali Paul)

By Aditya Kalra


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FACEBOOK INC -3.99% 343.21 Delayed Quote.25.64%
MSCI SINGAPORE (GDTR) 0.63% 6517.165 Real-time Quote.11.46%
NAVER CORPORATION 0.25% 403000 End-of-day quote.37.78%
SNAP INC. 3.30% 78.6 Delayed Quote.56.98%
SOFTBANK GROUP CORP. 1.90% 6449 End-of-day quote.-19.97%
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Analyst Recommendations on NAVER CORPORATION
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Financials
Sales 2021 6 774 B 5,76 B 5,76 B
Net income 2021 16 597 B 14,1 B 14,1 B
Net cash 2021 2 122 B 1,81 B 1,81 B
P/E ratio 2021 3,90x
Yield 2021 0,11%
Capitalization 59 999 B 50 732 M 51 059 M
EV / Sales 2021 8,54x
EV / Sales 2022 6,85x
Nbr of Employees 4 124
Free-Float 90,6%
Chart NAVER CORPORATION
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NAVER Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends NAVER CORPORATION
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 31
Last Close Price 403 000,00 KRW
Average target price 535 666,67 KRW
Spread / Average Target 32,9%
EPS Revisions
Managers and Directors
Seong-Sook Han Chief Executive Officer & Director
Sang-Jin Park Chief Financial Officer
In-Hyuk Choi Chief Operating Officer & Director
Yeon-Ah Jeong Head-Legal Affairs & Compliance Support
Hae-Jin Lee Global Investment Officer
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