ShareChat, a social networking platform originating in India and which received investment from Twitter in 2019, is reportedly close to securing additional funding from two prominent U.S.-based companies.

Sources with knowledge of the matter have informed TechCrunch that the Bangalore-based startup is engaged in advanced discussions to obtain capital from both Google and Snap, alongside its current investors, including Twitter. A total of three sources were consulted for this report.

This upcoming funding round, designated as Series E, is projected to exceed $200 million in value. Four sources indicate that Google is prepared to contribute over $100 million to this round, while requesting to remain anonymous due to the confidential nature of the negotiations. The anticipated valuation for ShareChat following this round is in excess of $1 billion, according to two of the sources.

Neither ShareChat, Google, nor Snap have responded to requests for an official statement. To date, ShareChat has accumulated approximately $264 million in funding and was last valued at close to $700 million in the previous year.

The specifics of the potential agreement are subject to change, and there is no guarantee that these discussions will culminate in a finalized investment, the sources have cautioned. Last year, the Indian news channel ET Now reported that Google was considering an acquisition of ShareChat.

ShareChat’s primary application, also named ShareChat, provides service in 15 different Indian languages and enjoys significant popularity in smaller cities and towns throughout India. Conversely, Twitter and Snap have encountered challenges in expanding their user base beyond major metropolitan areas within the world’s second-largest internet market. Data from a leading mobile analytics company suggests that both Twitter and Snapchat have approximately 50 million monthly active users in India.

In a previous interview with TechCrunch, Ankush Sachdeva, co-founder and CEO of ShareChat, stated that the app was experiencing “exponential” growth and that users were dedicating an average of over 30 minutes daily to the platform.

Should this investment materialize, it would represent the first direct investment by Snap’s parent company into an Indian startup. Google, however, has recently been actively increasing its investment activity. The Android developer invested in both DailyHunt and InMobi’s Glance last month, both of which operate short-form video applications.

ShareChat also features a short-video platform, known as Moj, which had reached over 80 million monthly active users as of September of last year, according to the company. Numerous short-video apps, including Times Internet’s MX TakaTak (operated by MX Player), have seen accelerated growth in recent quarters, largely due to the Indian government’s ban on ByteDance’s TikTok and hundreds of other Chinese applications last year. (It is also noteworthy that Google’s potential investment amount in ShareChat is considerably larger than those made in DailyHunt and Glance.)

Google announced last year its intention to invest $10 billion in India over a period of five to seven years. Shortly thereafter, the company invested $4.5 billion in Jio Platforms, a major Indian telecommunications company. Both Google and Facebook, which invested $5.7 billion in Jio Platforms last year, currently serve over 400 million users in India.

The majority of revenue for Google, Facebook, ShareChat, DailyHunt, and Glance is generated through advertising. Analysts at Bank of America reported last year that Facebook and Google currently control approximately 85% of the Indian advertising market. “We project this market to reach $10 billion by 2024 and anticipate Facebook’s market share to increase by 4 percentage points over the next four years, driven by its partnership with Jio. We estimate Facebook may generate $4.7 billion in revenue by 2024,” they stated in an equity research report reviewed by TechCrunch.