ShareChat raises $49m in debt financing, valuation drops by 60% to below $2bn.

ShareChat, a Twitter and Google-backed Indian social media firm, has raised $49m in debt financing through convertible debentures, led by existing investors. The company's valuation has dropped by over 60% to below $2bn from its peak of $5bn. The funds will be used to invest in its ad targeting technology and continue the growth of its consumer transactions business on ShareChat Live and Moj Live.