Google is investing around $300 million in an Indian startup called ShareChat. According to Reutersthe tech giant’s investment has seen the emerging social media company increase its market value to around $5 billion.
Google’s investment apparently comes to try a fiercer competition with TikTok, the short video network that has been successful in recent times. Even so, the app has been banned in India for more than 2 years, causing several rivals to have a growing popularity. Currently, ShareChat has 180 million users.
Google isn’t the only big investor pumping money into ShareChat. Other companies supporting the startup include Twitter and Snap, the company that controls Snapchat. A curious factor about the app’s investors is that, if Elon Musk manages to buy Twitter, he will own 6% to 8% of ShareChat.
Still, it’s worth mentioning that at the moment Indian startups are down. In 2021, companies raised about 35 billion dollars, however, with the uncertainties of the economy worldwide, the scenario has changed.
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