<p>New Delhi: Home-grown social media firm Mohalla Tech, which owns ShareChat platform, on Sunday said it has raised Rs 134 crore, or USD 16 million, through debt bonds from Singapore-based investment firm EDBI.</p><p>With this fresh fundraise the company has expanded its ongoing convertible debentures round to USD 65 million.</p><p>"ShareChat expands its convertible debentures round to USD 65 million, as Singapore-based EDBI joins the round," the company said in a statement.</p>.ShareChat hopes to sport a profit line by the end of this financial year.<p>In April this year, ShareChat raised USD 49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest, amongst others.</p><p>The company has also retrenched 5 per cent of its staff after mid-year performance review of the employees.</p><p>When contacted, the company spokesperson said ShareChat launched its mid-year performance cycle and as a usual practice, some employees are impacted on the basis of performance.</p><p>"This accounts for less than 5 per cent of our workforce. We have a number of open positions, and we continue looking for high quality talent across functions," the spokesperson said. </p>
<p>New Delhi: Home-grown social media firm Mohalla Tech, which owns ShareChat platform, on Sunday said it has raised Rs 134 crore, or USD 16 million, through debt bonds from Singapore-based investment firm EDBI.</p><p>With this fresh fundraise the company has expanded its ongoing convertible debentures round to USD 65 million.</p><p>"ShareChat expands its convertible debentures round to USD 65 million, as Singapore-based EDBI joins the round," the company said in a statement.</p>.ShareChat hopes to sport a profit line by the end of this financial year.<p>In April this year, ShareChat raised USD 49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest, amongst others.</p><p>The company has also retrenched 5 per cent of its staff after mid-year performance review of the employees.</p><p>When contacted, the company spokesperson said ShareChat launched its mid-year performance cycle and as a usual practice, some employees are impacted on the basis of performance.</p><p>"This accounts for less than 5 per cent of our workforce. We have a number of open positions, and we continue looking for high quality talent across functions," the spokesperson said. </p>