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Saturday, July 2, 2022

Twitter [NYSE: TWTR] In Talks To Purchase ShareChat For $1.1 Billion

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Twitter [NYSE: TWTR] wants to expand its reach in India and to do so the company held talks to purchase ShareChat, the Indian social media app. The company wants to enter the Indian market as it is the second-largest internet market and wants to build a rival against TikTok.

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Twitter offered to purchase the 5-year-old startup for $1.1billion. the company also offered an additional payment of $900 million. The social media startup ShareChat is backed up by Lightspeed India, Elevation Capital, and India Quotient. Moreover to this date, the company has generated nearly $260 Million.

Twitter’s actual intentions were to take Moj. Moj is a short-form video app that ShareChat owns. By taking Moj Twitter plans to introduce the app into international markets and placing the app as a competition to TikTok. The companies did not finalize any deal and refused to comment on the situation.

With a ticktock ban in India Moj is now emerging and consists of over 80 million users. Moreover, The company recently formed an alliance with Snapchat. According to the collaboration, Snapchat will incorporate its camera kit into the application.

With the Twitter deal not being entertained, the Indian startup is in talks with other financers for its fundings. The investors include Google and Snap. Since January the company has been in talks with these investors to raise about $200 million. The possible acquisition proposed by Twitter delayed these investment talks with others.

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