Twitter recently planned talks to acquire Indian social media start-up ShareChat as the company explored solutions expand its presence in the planets second largest internet market and build a global rival to TikTok, three sources familiar with the matter told TechCrunch.
The American firm, could be already an investor in Bangalore-based ShareChat , offered to buy the Indian startup of $1. 1 billion and had dedicated an additional investment of $900 million dollars, two of the sources said.
The talks did not work out as planned into a deal, two sources known, requesting anonymity as the matter is definitely private. TechCrunch could not determine the reason why the two companies ended the tells you.
Two girls sources said Twitter had indicated intention to take Moj, a short-form video app that ShareChat holds, to international markets and state it as a rival to Oriental app TikTok.
Twitter and fb declined to comment and ShareChat did not respond to a request for review.
Moj, together with over 80 million users by now, has emerged as one of the largest gamblers in the category. Earlier this month, Walk in the park inked a deal breaker with ShareChat across integrate its Camera Kit to qualify for the Indian short video app. It happens to be first time Snap had formed one specific partnership of this kind with a practice in India.
With your buyout offer no longer being kept entertained, ShareChat has resumed talks against other investors for its new financing brown. These investors include Google, Come back, the sources said.
TechCrunch reported in January simple fact that Indian startup was talking to Google and Snap as well as some established investors including Twitter to raise compared to $200 million. A potential acquisition by just Twitter prolonged the investment speaks.
ShareChat, which does claim to have over 160 million members, offers its social network app in 15 Indian languages and has an excessive following in small Indian communities and towns, or what task capitalist Sajith Pai of Blume Ventures refer as “India – ” Very few players in the American indian startup ecosystem have a reach to the segment of this population, which on account of users from even smaller neighborhoods and villages — called “India 3” — getting online consists of expanded in recent years.
Throughout the world interview with TechCrunch last year, Ankush Sachdeva, co-founder and chief executive about ShareChat, said the startup’s marquee app provides growing “exponentially” and also users were spending, on an regular, more than 30 minutes a day on the plans.
Twitter, itself, possesses struggled to make inroads outside of more impressive cities and towns in Asia. Its app reached about 75 million users in the country in the monthly of January, according to mobile wisdom firm AppAnnie, data of which an industry executive shared with TechCrunch. It inked a have to cope with news and social app Dailyhunt to bring Moments — curated tweets pertaining to news properly as other local events — to the Google-backed Indian software package .
The The american social network has broadened its merchandise offering in the past year amid tension from activist investors to speed growth.