<p>The parent company of ShareChat will acquire MX's short-video platform in an around $700 million (Rs 5,245 crore) deal, two sources told <em>Reuters</em>, as competition heats up in the sector where foreign investors have placed major bets.</p>.<p>Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.</p>.<p>After TikTok was banned, ShareChat's parent entity, Mohalla Tech, launched a similar short-video sharing app named Moj, which has over time garnered 160 million users and counts Meta Platforms Inc's Instagram Reels as its key rival.</p>.<p>In a cash-and-stock deal, ShareChat's parent entity will acquire MX's short-video platform TakaTak, the sources familiar with the discussion said.</p>.<p>The deal, valued at around $700 million, could be announced within days, said one of the sources. <em>Reuters</em> is first to announce the two sides have reached a deal.</p>.<p>ShareChat, which is valued at roughly $4 billion (Rs 29,975 crore) and counts Singapore's Temasek Holdings and Twitter among its investors, declined to comment. A spokesperson for MX said she did not have any immediate comment.</p>.<p>With the MX TakaTak acquisition, ShareChat's parent will now have two short-video apps in its portfolio.</p>.<p>The company has plans to deepen its use of artificial intelligence tools and reach a much wider audience as Moj has roughly 160 million users in India, while MX has roughly 100 million, said one of the sources.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>The parent company of ShareChat will acquire MX's short-video platform in an around $700 million (Rs 5,245 crore) deal, two sources told <em>Reuters</em>, as competition heats up in the sector where foreign investors have placed major bets.</p>.<p>Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.</p>.<p>After TikTok was banned, ShareChat's parent entity, Mohalla Tech, launched a similar short-video sharing app named Moj, which has over time garnered 160 million users and counts Meta Platforms Inc's Instagram Reels as its key rival.</p>.<p>In a cash-and-stock deal, ShareChat's parent entity will acquire MX's short-video platform TakaTak, the sources familiar with the discussion said.</p>.<p>The deal, valued at around $700 million, could be announced within days, said one of the sources. <em>Reuters</em> is first to announce the two sides have reached a deal.</p>.<p>ShareChat, which is valued at roughly $4 billion (Rs 29,975 crore) and counts Singapore's Temasek Holdings and Twitter among its investors, declined to comment. A spokesperson for MX said she did not have any immediate comment.</p>.<p>With the MX TakaTak acquisition, ShareChat's parent will now have two short-video apps in its portfolio.</p>.<p>The company has plans to deepen its use of artificial intelligence tools and reach a much wider audience as Moj has roughly 160 million users in India, while MX has roughly 100 million, said one of the sources.</p>.<p><strong>Check out latest DH videos here</strong></p>