ShareChat’s Moj and MX Taka Tak will soon be a short video app


The merger aims to create the largest short video platform for Indians, so the two platforms will now be controlled by ShareChat. Following this transaction, MX Media and its shareholders will become strategic shareholders of ShareChat. According to a press release, the combined platform will now have 100 million creators, more than 300 million monthly active users (MAUs), and nearly 250 billion monthly video views.

However, the companies have not disclosed the exact details or amount of the deal. According to a report by TechCrunch, the deal is worth around $900 million. Citing a source, The Economic Times reported that MX Takatak was acquired for more than $700 million. Although neither company has confirmed the exact amount.

It should be noted that MX TakaTak will continue to operate as a separate platform for now, but the creator base, content supply, and recommendation algorithms of the two platforms will be integrated. In the coming months, the user and creator experience will converge by enabling creators from both platforms. This will give users access to unique features including camera creation tools with Snap filters, live trading, and a music library.

“We at ShareChat are building India’s largest content ecosystem which has been on an unprecedented growth trajectory. MX TakaTak is a popular platform and this merger further solidifies our position in the short video ecosystem. With this development, we aim to build the largest original content platform on Moj together with the largest user community in India,” said Ankush Sachdeva, CEO and Co-Founder of ShareChat and Moj.

Moj was launched in July 2020 and has more than 160 million monthly active users and more than 50 million creator communities in all 15 Indian languages. Meanwhile, MX TakaTak also launched in July 2020 and has reached 150 million monthly active users in 10 languages.

“I am excited to announce the strategic merger of the two most popular social media platforms in India. As the largest digital entertainment platform in India, MX has always strived to create superior world-class products, and mTakaTak is no exception. This, combined with Moj’s AI and execution capabilities, makes the combined business a truly world-class short video platform. MX has created two ‘unicorns’ within one business, unlocking significant value for our shareholders, and will now continue to double down on its OTT, with significantly increased financial resources,” MX Media CEO Karan Bedi said in a statement.


Source link


Please enter your comment!
Please enter your name here