Short video platform MX TakaTak will merge with social media firm ShareChat's Moj platform to create a community of 100 million content creators with access to 300 million monthly active users, a joint statement said.
Both Moj and MX TakaTak were launched in July 2020 after the government banned a host of Chinese apps, including popular short video platform TikTok.
"MX Media Co. Ltd, the parent company of MX TakaTak, and ShareChat, the parent company of Moj, today announced a strategic merger between Moj and MX TakaTak, to create the largest short video platform for Indians, whereby the two platforms will now be controlled by ShareChat," the statement said.
The combined platform will have 100 million creators, over 300 million Monthly Active Users (MAU), and nearly 250 billion monthly video views.
Post this transaction, MX Media and its shareholders will become strategic shareholders of ShareChat, the statement said.
Moj claims to have over 160 million MAUs and over 50 million creator communities in 15 Indian languages. It has a team of over 100 people, spread across the US, Europe, and India.
MX TakaTak was launched in July 2020 and reached 150 million MAUs, across 10 languages.
"We at ShareChat are building India's largest content ecosystem which has been on an unprecedented growth trajectory. MX TakaTak is a popular platform and this merger further solidifies our position in the short video ecosystem.
"With this development, we aim to build the largest original content platform on Moj along with the largest community of users across India," ShareChat and Moj co-founder and CEO Ankush Sachdeva said.
MX TakaTak will continue to function as a separate platform for now, but the two platforms' creator base, content supply and recommendation algorithms will be integrated.
In the coming months, the experience of users and creators will converge enabling creators from both platforms to reach the most extensive set of audiences in India, the statement said.
"As India's largest digital entertainment platform, MX has always strived to build superior world class products, and TakaTak is no exception. This combined with Moj's AI and execution capabilities makes the combined business a truly world class short video platform.
"MX has created two 'unicorns' within one business, unlocking significant value for our shareholders, and will now continue to double down on OTT, with significantly increased financial resources," MX Media CEO Karan Bedi said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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