Tiktok ban has brought plenty of opportunities for other firms. Short video platforms like Chingari, MX Takatak have seen exponential growth since June 2020. Big giants like Facebook, Youtube have also started their short video platforms.
Twitter, one of the most popular social media platforms, is also investing actively in such platforms. The company is now planning to buy Indian Digital Form ShareChat. The company is eyeing to take Moj globally. Moj is a short video platform owned by ShareChat. Twitter is an existing investor in ShareChat.
ShareChat and Twitter Deal Details
As per the TechCrunch report, Twitter is planning to compete with Tiktok internationally. ShareChat owned Moj is already a popular short video app in India. American firm Twitter wants to take the advantage of Moj’s popularity on a global level.
As per the reports, the company offered $1.1 billion to Bangaluru based Indian startup ShareChat. It also promised to invest $900 million additionally in the Moj platform.
As per two insider sources, the talk is not going on right now. It stopped due to different internal issues. When contacted, Twitter did not reveal any details. ShareChat also did not show any interest when asked about the ongoing acquisition details.
In recent times, short video platforms saw immense growth worldwide. Instagram’s Reels, Youtube’s Youtube Shorts platforms are attracting more users.
ShareChat and Twitter Future Plans
Moj platform is one of the most popular short video app in India. It has a huge fan base of 80 million users. Recently, Snap firm did a tie-up with Moj to include its camera kit on the short video platform. This is the first time Snap did such a partnership with Indian based startup. The partnership will bring a better user experience due to the enhancement of camera features.
As per the reports, ShareChat is unhappy with no response from the Twitter side related to the leaked acquisition deal. The startup is now planning to start the next funding round with Google, Snap, and other interested firms.
ShareChat has a huge network of 160 million users. It provides the content to the users in 15 local languages. It is one of the most popular platforms in small towns and tier-3 cities.
In 2020, ShareChat co-founder and CEO Ankush Sachdeva said that the app’s growth is exponential in recent times. On average, a user spends 30 minutes a day on the social media platform.
Twitter did not show any notable growth in the small towns and cities in India. The social media platform added 75 million users in January, as per AppAnnie data shared with TechCrunch. Among these users, the company had very limited users from small towns of India.
Twitter recently signed a deal with Dailyhunt, news, and social media app. The company has a dedicated tab on Dailyhunt to show Twitter updates.
Twitter is under pressure to show extra growth to its investors. To strengthen its portfolio further, the social media platform has acquired Revue, a newsletter-based Dutch platform.