Twitter Offered USD 1.1 Billion To Buy ShareChat, Wanted To Develop It As Global Rival To TikTok

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Microblogging platform Twitter is serious about its expansion plan. It wants to cover the market as much as possible. It planned to acquire ShareChat. ShareChat is an Indian social networking platform. It was founded in 2015. The platform was developed by software solutions provider Mohalla Tech. Twitter sees huge opportunities in the Asian market, especially in India. The company wants to take its services to every nook and corner. Twitter offered a whopping USD 1.1 billion for the deal. It also promised to invest USD 900 million to rejig and expand its services thereafter to take it to the global level. Twitter and ShareChat didn’t confirm whether they talked about sealing the deal.

Twitter wants to launch its own video-sharing social networking service. It has plans to develop a TikTok-like platform. The company’s objective is to develop a global platform that can give tough competition to hugely popular Chinese app TikTok. Twitter believed that ShareChat fits its requirement and it tried to acquire the firm. If the deal was clinched, Twitter would have gained control over Moj. Moj is a short video service by ShareChat. Moj claims that it has more than 80 million active users. It is among the fastest-growing short video-making services in India. It saw a massive jump in users after the Indian government banned TikTok. TikTok was banned due to national security concerns in June 2020.

ShareChat claims to raise USD 260 million since its launch. It is looking for raising more funds to expand its operations. It is currently holding talks with investors including Google and Snap. Moj recently said that it will integrate Snap’s, Camera Kit. It will make Snapchat’s AR capabilities available to users. Once the integration is completed, Moj users can access the Lens Carousel of Snapchat. This will provide Moj users with a range of creative tools to make videos. ShareChat has over 160 million users in the country. The platform is hugely popular among regional language users.

 

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