Twitter explored buying India’s ShareChat and turning Moj into a global TikTok rival
Twitter recently held talks to acquire the social media startup ShareChat as the company explored ways to expand its presence in the world’s second largest internet market and build a global rival to TikTok, three sources familiar with the matter told TechCrunch.
The microblogging app, which is already backing up ShareChat, offered to buy the five-year-old startup for $1.1 bn and had committed an additional investment of $900 mn, two of the sources said. The talks did not materialize into a deal, two sources said, requesting anonymity as the matter is private. We could not determine the plausible reason for the compaies to end talks.
Two sources said Twitter had expressed intention to take Moj, a short-form video app that ShareChat owns, to international markets and position it as a rival to Chinese app TikTok. Though, Twitter declined to comment and ShareChat did not respond to a request for comment. India’s ban on TikTok last year prompted scores of local startups and international giants to try their hands at short-form video format.