Insta
Google In Preliminary Talks To Buy Bengaluru Based Regional Social Media Platform ShareChat
Swarajya Staff
Nov 24, 2020, 09:25 AM | Updated 09:25 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Sundar Pichai led Google Inc is said to be in preliminary talks with Bengaluru based homegrown regional language social media platform ShareChat, reports Economic Times.
Google has signed a term sheet or a non-binding proposal with the company and is conducting a due diligence exercise. If the deal materialises, it could be valued at $1.03 billion. It could be a case whereby all the existing investors in the company could exit, with the founders retaining a small stake.
ShareChat boasts of 160 million users across India and offers services in some 15 vernacular Indian languages.
Following the TikTok ban announced by the Government, ShareChat had also launched a competing short-video format application in July. The same has witnessed phenomenal growth, amassing 80 million users as per industry estimates.
Meanwhile, it should also be noted that earlier this year, Pichai had announced that Google had earmarked $10 billion for investments into India. This was followed by a whopping $4.5 billion investment into Mukesh Ambani's Reliance Jio Platforms for a 7.73 per cent stake.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.