Google might acquire ShareChat, an Indian social media platform: Report

Main Image
  • Like
  • Comment
  • Share

Sharechat is primarily a content sharing tool for WhatsApp, which was reportedly getting deeper integration to the messaging giant. And now the word on the street is that Google is planning to buy out the growing social media platform. As per people privy to the matter, both parties have signed a term sheet or non-binding proposal, and due-diligence is in progress.

“The founders (of ShareChat) may retain a small stake post the deal”, enunciates a source to ET. It is further revealed that all the prevailing investors will be exiting the company, once the deal goes through. Well, if it does, the American company will earn a big piece of the Indian social media pie. ShareChat was last estimated to be valued at about $650 million. It had raised funds worth $264 million in a recent investor round.

ALSO READ: Samsung Galaxy Z Fold 3 will reportedly launch in June 2021

The Bengaluru-based company has clocked a 166% surge in its monthly active users (MAUs) from 60 million during the pandemic to 160 million in August of this year. The average daily time spent by the users on the app is around 31 minutes. Moreover, ShareChat has succeeded in expanding to Tier 1 or metropolitan cities during the past few months.

“More funds will be required if the company expands globally taking the platform to countries in the Middle East. It is a good time to sell since this is a money intensive business. There is a lot of capital required to get music licenses, influencers, etc. Moreover, it is a very competitive market to be in with the launch of so many players,” the source adds.

ALSO READ: Timex Fitness Band Review

The ban of TikTok has left a big void in the Indian social media space. And every local and global actor is trying to capture it. We’ll see whether the speculated Google ShareChat deal bears any fruit soon.

Vasan G.S.Vasan G.S.

An inquisitive mind who spends a big chunk of the day keenly tracking every emerging detail and is responsible for quickly passing on important developments to Smartprix followers. He loves to stay in his bubble scripting his destiny involving amazing technology and people with good character, passion, and brilliance.

Related Articles

ImageSamsung Republic Day 2023: Best deals on Galaxy Z Flip 4, S22 Ultra, and more

Samsung India has announced the “Grand Republic Sale,” which offers huge discounts and cashback on various Samsung products, including Galaxy smartphones, laptops, tablets, wearables, TVs, and electronic appliances. Until January 21st, the sale will be accessible on Samsung.com, Samsung Exclusive Stores, and the Samsung Shop App. The Galaxy Z Fold4 (review), Galaxy S21 FE (review), …

ImageMoj video download: How to download Moj app videos with easy steps

Moj app is a popular short-video mobile application which allows users to directly download videos. Also, users don’t need any third-party apps unlike other platforms to download Moj videos. While it enables you to download video clips, we advise you to request permission from the official content creator before using it for commercial purposes. Moj …

ImageGovt. of India has banned 43 more apps including AliExpress

The Indian Govt’s onslaught on Chinese mobile apps continues. Ministry of Electronics and Information Technology (MEITY) has banned 43 more apps that are “engaging in activities which are prejudicial to sovereignty and integrity of India, defence of India, the security of the state and public order”. The order is passed under Section 69A of the …

ImageA new Chromecast with Google TV in the pipeline: Might be called Chromecast Pro

Google is reportedly working on a new model of the Chromecast with Google TV, a report by 9to5Google claims. This will be the 3rd addition to the Chromecast with Google TV line-up by Google which currently comes in 2 HD and 4K models. The new Chromecast might be called the ‘Pro’ model. Chromecast Pro: Expectations …

ImageGOI proposes removing posts on social media flagged as ‘fake’

In a recent move from the Government of India, a proposal has been drafted that will advise social media platforms to get rid of information that has been tagged as ‘false’ or ‘fake’ as per the new IT rules. The move comes from Prime Minister Narendra Modi’s government which it will not allow any social …

Discuss

Be the first to leave a comment.