Foreign media CNBC reported that India’s ban on short video TikTok has brought opportunities to some local start-ups in India. Among them, the social platform ShareChat has the strongest momentum. However, there are also Chinese investors behind ShareChat.
IT House previously reported that on June 29, the Indian government banned 59 Chinese applications including TikTok, WeChat, and UC browser, and on July 27 and September 2 it banned hundreds of Chinese mobile apps. . Many of these applications are very popular among Indian netizens.
Shortly after TikTok was banned in India, the Indian startup ShareChat launched its own short video application, which obviously saw the vacuum in the short video market after TikTok was banned. Now, ShareChat’s short video monthly active users exceed 80 million .
CNBC pointed out that, like many Indian technology startups, ShareChat has had Chinese investors in previous rounds of financing, including Shunwei Capital, Xiaomi and Morningside Venture Capital. In addition, it was reported in August this year that Microsoft had also invested 100 million US dollars .
ShareChat CEO said that ShareChat will still maintain contact with Chinese investors. “I think we definitely want to move forward with our early supporters, but we will remain cautious and will take a more deliberate approach to cooperation.”