The company is looking for ways to increase its presence in the world’s second-largest Internet market and build a global competitor to TikTok, according to three sources familiar with the matter. The American firm, which is already an investor in Bangalore-based ShareChat, has offered to buy the five-year-old Indian startup for $1.1 billion. In addition, has promised to invest another $900 million, two sources said. ShareChat has raised about $260 million to date with the help of Lightspeed Partners India, Elevation Capital and India Quotient among others.
According to two sources, the matter is private and requested to name. The two companies could not determine the reason for the end of the talks. According to two sources, Twitter’s intention was to take Moj, a short-form video app owned by ShareChat, to the international market and establish it as a competitor to the Chinese app TikTok.
India’s ban on TikTok last year encouraged a large number of local startups and international giants to try their hand at short-form video formats. Moj, which already has more than 60 million users, has emerged as the biggest player in the division. Earlier this month, Snap signed a deal with ShareChat to integrate its camera kit with the Indian short video app. This is the first time Snap has formed such a partnership with a firm in India.
Along with the buyout offer and entertainment, ShareChat has resumed talks with other investors for its new round of financing. These investors include Google, Snap, sources said. TechCrunch reported in January that Indian startups were talking to some existing investors, including Google and Snap, as well as Twitter, for $200 million. A potential acquisition by Twitter prolongs investment talks. ShareChat, which claims to have more than 160 million users, launches its social network application in 15 Indian languages and has a huge following in small towns and cities, or the capitalist Sajith Pike of any Bloom Venture referred to as “India 2”? Reaching this segment of the population of very few players in the Indian startup ecosystem, which even thanks to users known as “small towns and villages” – “India 3” – online access has expanded in recent years.
In an interview with TechCrunch last year, Ankush Sachdeva, co-founder and CEO of ShareChat, said the startup’s marquee app is growing “significantly” and users spend an average of more than 30 minutes a day on the service. Twitter, itself, has struggled to gain access to India’s major cities and suburbs, according to mobile app insight firm AppAnnie.
Moments for news and social app deal with Dailyhunt – curated tweets related to news and other local events – Google has signed an agreement with the Indian app. The American social network has further expanded its product supply over the past year, under pressure from staff investors to accelerate growth.
