Short video content platform , owned and operated by Mohalla Tech, and MX Media-backed have announced a strategic merger. The combined entity will now be controlled by , the Indian language social media platform owned by Mohalla Tech.
Post the transaction, Times Internet-backed MX Media and its shareholders will become strategic shareholders of ShareChat. The combined entity will house 100 million creators and over 300 Monthly Active Users (MAU).
News reports indicated that the deal valued MX TakaTak at nearly $700 million.
Launched in July 2020 after short video platform TikTok was banned in India, MX TakaTak has an MAU of 150 million with content across 10 languages. The platform will continue to function as a separate entity for now, though the creator base, content supply and recommendation algorithm of the two platforms will be integrated going ahead, said a statement issued by the company.
“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 Co-founder of ShareChat and Moj said in the statement.
Moj which was launched by Mohalla Tech in July 2020 has over 160 MAUs and over 50 million creator communities across 15 Indian languages. Mohalla Tech has raised over $1.18 billion since its inception in 2015 and was last valued at $3.7 billion in a Series G round of funding in December 2021.
Edited by Saheli Sen Gupta