Updated: February 11, 2022 2:13:22 pm
ShareChat, the parent company of short-video platform Moj, announced a “strategic merger” with Times Internet-owned MX Taka Tak on Friday. Both Moj and MX Taka Tak emerged as major short video apps after the TikTok ban of 2020 in India.
The merger is aimed to create the largest short video platform for Indians, whereby the two platforms will now be controlled by ShareChat. Post 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, over 300 million Monthly Active Users (MAU), and nearly 250 billion monthly video views.
However, the companies have not disclosed the exact details and amount for the deal. According to a report in TechCrunch, the deal is reportedly around $900 million. Citing a source, The Economic Times reported that MX Takatak was acquired at over $700 million. Although neither of the company has confirmed the exact amount.
It should be noted that MX TakaTak will continue to function as a separate platform for now, but the two platforms’ creator base, content supply and recommendation algorithms will be integrated. In the coming months, the experience of users and creators will converge enabling creators from both platforms. This will provide users access to unique features including camera creation tools with Snap filters, live commerce, and a music library.
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“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 along with the largest community of users across India,” said Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj.
Moj was launched in July 2020, and has over over 160 million monthly active users and over 50 million creator communities in the 15 Indian languages. Meanwhile, MX TakaTak was also launched in July 2020 and has reached 150 million monthly active users, across 10 languages.
“I am excited to announce the strategic merger of India’s two most popular social media platforms. As India’s largest digital entertainment platform, MX has always strived to build 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 OTT, with significantly increased financial resources,” Karan Bedi, CEO of MX Media said in a statement.
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