Social media app ShareChat, which is backed by Twitter has acquired HPF fils to hold vacuumed market of short videos creation post-TikTok ban in India. ShareChat has not revealed the financial details of the acquisition.
“The acquisition will help ShareChat and Moj to strengthen their efforts towards building a better content ecosystem, establishing a stronger creator fraternity, and augmenting their advertising solutions for brands,” the company announced in a statement on Wednesday.
The domestic social media app is now vying to grow its reach to the Indian masses. The social media company recently acquired hyperlocal information platform Circle Internet to improve penetration in the regional internet space. They are one of the biggest beneficiaries of the ban made by the Indian government on Chinese apps. ShareChat currently has over 130 million monthly active users, while Moj, its TikTok alternative, has over 50 million monthly active users.
Meanwhile, HPF films become ShareChat’s fourth purchase in the year 2020 after fashion marketplace Elanic and meme-sharing startup Memer and Circle Internet. ShareChat is on an aggressive growth journey and the company looks to invest and build capabilities to sustain growth on a large base, Manohar Charan, VP — Corporate Development and Strategic Finance — ShareChat said.
An auction amidst ban
With several Chinese apps getting the nail on their coffins. Indian digital market is now nothing less than an auction arena, where several enterprises are getting involved to create alternates for the Chinese apps.
The recent ban on PUBG Mobile amassed an intensive reaction from the creators to make an Indian version of the gun-battle game.
Supporting PM @narendramodi’s AtmaNirbhar movement, proud to present an action game,Fearless And United-Guards FAU-G. Besides entertainment, players will also learn about the sacrifices of our soldiers. 20% of the net revenue generated will be donated to @BharatKeVeer Trust #FAUG pic.twitter.com/Q1HLFB5hPt
— Akshay Kumar (@akshaykumar) September 4, 2020