ShareChat has found a new investor friend and a new round of investment of $16 million from EDBI, a Singapore based fund. This fund has been raised by issuing convertible debentures to the investor.
With this additional funding, its debt round has increased to $65 million
In recent times the startup was looking for new funds, as it was facing some funding issues, and here the help came from EDBI amidst layoffs. Company has laid off 5% of its workforce to strengthen its performance improvement plan.
In the month of April this year, ShareChat raised $49 Millions by issuing convertible debentures from its existing investors.
This valuation reduced the company valuation by over 60%.
It is believed by the startup, that this step is going to get a big impact on its performance.
