ShareChat to acquire MX TakaTak for $700 Million

The parent company of ShareChat is planning to acquire the short video app of MX, MX TakaTak in a $700 million deal. Indian short video apps have become popular ever since the ban of TikTok and other Chinese apps in 2020. After the ban, several platforms launched their own short-video applications. 

The parent company of ShareChat, Mohalla Tech also launched a similar short video sharing app called Moj. It has gained more than 160 million users. The acquisition deal is valued at $700 million and it could be announced soon.

With this acquisition, Mohalla Tech will have two short-video apps under its portfolio. It also 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.