Twitter wanted to turn Moj into a competitor to TikTok
The company has tried to explore ways to expand its presence in the second largest internet market in the world and to build a global competitor for the TikTok platform.
The US company, which invested in ShareChat, offered to buy the five-year-old Indian startup for $ 1.1 billion and committed an additional $ 900 million investment.
ShareChat has raised about $ 260 million so far, but the conversations have not turned into a deal, and it is not known why The two companies ended the talks.
Twitter has expressed its intention to take Moj, a short video app owned by ShareChat, to international markets and position it as a competitor to the Chinese app TikTok..
The Indian ban on TikTok last year prompted dozens of local startups and global giants to try their luck in the short video space.
And Moj, with over 80 million users, emerged as one of the biggest players in the industry.
And earlier this month, US company Snap signed a deal with ShareChat to integrate its camera array into the Indian video app.
This marks the first time that the US company Snap of this kind with companies in India.
As the takeover talks ended, ShareChat restarted talks with other investors – including Google and Snap – for its new round of financing.
In January, the Indian company was in talks with Google and Snap In addition to some existing investors, including Twitter, to raise more than $ 200 million.
The potential acquisition by Twitter prolonged investment talks.
ShareChat, which claims to have more than 160 million users, offers its social network app in up to 15 Hindi languages and has a large following in small Indian cities and towns.
There are very few players in the Indian startup ecosystem that can reach this segment of this population.
Ankush Sachdeva, co-founder and CEO of ShareChat, said last year that the startup’s Marquee app is growing exponentially and users spend an average of more than 30 minutes a day on the service.
The Twitter platform itself has struggled with success outside India’s major cities and towns, and its app reached nearly 75 million users in the country in January, according to AppAnnie.
It has signed a deal with the dailyhunt news and social app to bring Moments – curated tweets related to news and other local events – to the Google-powered Indian app.
The US social network expanded its product offerings last year amid pressure from activist investors to accelerate growth.