ShareChat, an Indian social media platform, has agreed to buy MX Takatak, a short video pl/atform. According to a report, the two companies have agreed to a deal worth $ 600 million in cash and stock. According to the report, the MX Takatak will be rebranded in about six months. The transaction is expected to close by the end of the month.
ShareChat’s position in the short video field will be strengthened as a result of this deal. It already has 160 million monthly active users, so it can provide entertainment. MX Takatak currently has 150 million active users. The total number of users will be more than 300 million. Josh, ShareChat’s local competitor, has over 115 million users.
This acquisition is significant because it occurs at a time when people’s interest in the short video industry is rapidly growing. Instagram’s reels are leading the way in this regard. According to a Redseer report, while Facebook’s short videos and Instagram reels dominate the market in the top 50 cities, its Indian competitors Josh, Moz, and MX Takatak have a significant user base in Tier-2 and Tier-3 cities. There is a base.