MX TakaTak, a short-video platform, will be purchased by ShareChat for $600 million
According to the rumours, the Indian social media network ShareChat has agreed to purchase the Times Internet-owned MX TakaTak, a short video platform, for $600-million in cash and equity.
Mohalla Tech employs approximately 2000 people, and the purchase will bring 180 MX TakaTak staff on board. MX TakaTak will be rebranded in around six months, and the acquisition was expected to close by the end of the month, according to sources.
The change is anticipated to boost ShareChat’s short video playback on the platform, according to Moj. Moj (160 million monthly active users (MAUs)) and MX TakaTak (150 million MAUs) would have a combined active user base of approximately 300 million after the acquisition. Josh, a local rival, has over 115 million monthly active users.
This purchase comes at a time when the short-video market is gaining pace, with Instagram’s Reels at the forefront. While Facebook’s short videos and Instagram’s Reels continue to dominate in the top 50 cities, Indian competitors like DailyHunt’s Josh, Moj, and MX TakaTak have a considerable user base in tier-2 and tier-3 cities.
This also comes at a time when many short-video services are straining to keep up with the competition. Another short-video application, Chingari, just made the switch to cryptocurrency. Mitron TV, another platform, has laid off several staff.
After the Indian government banned TikTok in June 2020, homegrown short video apps grew in popularity. While Moj was released around the time of the prohibition, MX TakaTak and Josh were released in July and September of 2020, respectively. Over the previous two years, all of these businesses have seen tremendous growth. According to all the rumours, Moj will have access to a larger user base as a result of the merged user base.
Follow Startup Story
Related Posts
