Mohalla Tech, the parent firm of ShareChat, already owns a short-video app called Moj
MX TakaTak reportedly on the verge of being acquired by ShareChat. (Credit: Aymanejed from Pixabay)
ShareChat, an Indian social media platform, is reportedly acquiring MX TakaTak, the short-video platform of MX Media & Entertainment, in a deal worth nearly $700m.
The deal is to be executed by ShareChat’s parent entity Mohalla Tech. Its consideration will be in the form of cash and stock, reported Reuters, citing two undisclosed sources.
According to one of the sources, the deal is likely to be announced by the parties within days.
ShareChat refused to comment on the potential deal, said the publication, while a MX Media & Entertainment spokesperson said she does not have any immediate comment to make.
Available on the App Store and Google Play, MX TakaTak offers users funny and trending short videos, which range from comedy, dialogue dubbing, DIY, gaming, sports, food, and memes among others.
ShareChat’s parent Mohalla Tech also owns a short-video app called Moj.
Launched in 2020, Moj provides features such as short videos, emoticons stickers, special effects, and genres such as dance, singing, travel, acting, education, and comedy. Its monthly active users are said to be around 160 million.
Prior to Moj, Mohalla Tech had acquired a short video sharing platform called Clip in 2019. Clip was subsequently integrated with ShareChat.
The potential acquisition by ShareChat comes after the recent fund raise of $266m in December 2021. The Series G round gave a valuation of $3.7bn to the Bengaluru-based social media platform.
ShareChat’s investors include Alkeon, Temasek, Twitter, Snap, and Tiger Global among others.
Last April, the social media platform had raked in $501m at a valuation of over $2bn. It is claimed to have monthly active users of 180 million with a creator community of more than 32 million.