Hero MotoCorp Chairman Pawan Munjal and DCM Shriram Chairman Ajay Shridhar Shriram along with a clutch of existing investors of social networking app ShareChat have put $40 million in the company. The investment is raised to aid growth of ShareChat’s alternative to TikTok — Moj that had cropped up along with over a dozen similar apps in the short video segment to tap into the Chinese apps ban by the Indian government on June 29, 2020. ShareChat, anouncing the investment, said that large parts of the fund have been earmarked for “doubling down on investments made towards product development, growing its creator ecosystem and establishing partnerships with music labels.”
