Youtube To Acquire Video-Based Social Commerce Startup Simsim

Latest Update- 29/12/2022

Simsim, a company in video commerce, was purchased by YouTube for an unknown sum. The Google-owned business said that it has signed a binding contract to buy the Delhi-based firm and anticipates completing the deal soon.

Simsim will be the second social commerce company to be bought in 2021, following Shop101. Shop101 was purchased by InMobi-owned Glance in a cash and equity deal last month. On June 1, Entrackr was the only publication to cover the transaction.

"By integrating Simsim with YouTube, our objective is to assist Indian small companies and shops in accessing new clients in even more effective methods. Simsim won't change immediately now; the app will continue to function freely as we look at methods to present Simsim offers to YouTube users, according to a press release from Gautam Anand, VP, YouTube APAC.

With 255 million regular users, India is the largest user base of Youtube. The site has made no secret of its focus in language users, who currently account for an ever-growing portion of users.

Even though Simsim concealed the deal's magnitude, those in the know estimated it to be in excess of $70 million. Within six months of its start, Simsim had secured a little over $16 million in three back-to-back rounds — seed, Series A, and Series B — with the help of investors including Accel and Shunwei Capital.

Amit Bagaria, Kunal Suri, and Saurabh Vashishtha launched the two-year-old firm to help shops of all sizes engage customers using video in three regional languages: Bengali, Tamil, and Hindi. Suri was the former MD and COO of Foodpanda, while Bagaria and Vashishtha were Senior VPs at Paytm.

Previous to the March 2020 lockdown, Simsim also released Rubaru, its own customised content platform that enables users to send video messages and advice for their loved ones that have been filmed by celebrities and influencers.

Last Updated- 31/7/2021

This step from YouTube will help discover and buy products from Indian retailers. Online videos are a primary source of entertainment that also connects people. It will be an opportunity for the new generation. It would result in a much better ecosystem to build Sims in terms of technology, reach, network and culture. Being a part of YouTube is a great opportunity for any creator. YouTube stated that it plans to expand this plan later this year. It is even beta testing a new integrated shopping experience in the US that allows viewers to discover and buy products they see in the videos. This is how an expansion looks like. This will not only result in more public engagement but also further YouTube's position as the most admired tech platform.