By Manish Singh
Twitter recently held talks to acquire Indian social media startup ShareChat as the company explored ways to expand its presence in the world’s second largest internet market and build a global rival to TikTok, three sources familiar with the matter told TechCrunch.
The American firm, which is already an investor in Bangalore-based ShareChat, offered to buy the five-year-old Indian startup for $1.1 billion and had committed an additional investment of $900 million, two of the sources said. ShareChat, backed by Lightspeed Partners India, Elevation Capital, and India Quotient among others, has raised about $260 million to date.
The talks did not materialize into a deal, two sources said, requesting anonymity as the matter is private. TechCrunch could not determine the reason the two companies ended the talks.
Two sources said Twitter had expressed intention to take Moj, a short-form video app that ShareChat owns, to international markets and position it as a rival to Chinese app TikTok.
Twitter declined to comment and ShareChat did not respond to a request for comment.
Moj, with over 80 million users already, has emerged as …read more
Source: Tech Crunch