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.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.