In 2020, due to India-China disputes, New Delhi had banned all Chinese applications, including Bytedance’s TikTok short video app. After TikTok was forbidden, all the other video apps came into trend and became popularized all over the internet. ShareChat’s parent company Mohalla Tech also launched similar short video applications like Moj, with over 160 million users. According to sources, they are acquiring Mx TakaTak, their competitor, in an around $700 million deal.
As we know, competition is a fact of business life. The higher the level of competition, the more demand is for the product or service. Due to this rising competition, ShareChat’s parent company decided to acquire MX’s short video platform. ShareChat is a widespread application in the market valued at roughly $4 billion. It also counts Singapore’s Temasek Holdings and a famous social media platform Twitter among its investors. With the MX TakaTak acquisition, Mohalla Tech will now have two short-video apps in its portfolio. A spokesperson for MX also asked to comment, but they said they don’t have any immediate comment. When contacted, Sharechat’s parent company also declined to leave any comments on this acquisition.
