Indian short video sharing app like Josh, TikTalk, gets Google, Microsoft backing $ 100 million funding

Bangalore-based Versace Innovation, the parent company of Indian tickTalk spinoff Josh, has raised over $ 100 million (approximately Rs 700 crore) from investors, including Alphabet’s Google and Microsoft, in India just months after the Chinese-owned short-video app was banned.

Josh is one of the many short-video platforms that have sprung up since India became very popular. TickTalk Amid the border crisis with China in June, it is attracting global investors ’interest in filling the gap. Josh-owned Bangalore-based Versace Innovation later said it was worth $ 1 billion (approximately Rs 7,400). Josh has crossed 50 million downloads Google Play Store.

Alphawave, part of Falcon Edge Capital, a global asset manager, has also invested in Versailles, as current investors Sofina Group and Lupa Systems have done, Versace said, adding that the funds will be used to raise Josh. Versace also owns Dailyhunt, a news and content platform that offers content in multiple Indian languages.

Google The investment is said to be part of Google’s $ 10 billion (approximately Rs 73,900 crore) India Digitization Fund Created to accelerate India’s digital economy.

“When we shared the details of the India Digitization Fund in July this year, we found that enabling affordable access and information for every Indian in their own language, be it Hindi, Tamil, Malayalam, Gujarati and more. Forward India Digitization,” Google said. Blog post.

Google has also invested in Glance Inmobi, which runs the lock-screen content app Glance and the short-video app. Roposo, Unlike VerSe.

In September, Indian content-sharing platform ShareChat raised $ 40 million (approximately Rs 300 crore) from investors, including Twitter Inc. and Lightspeed Ventures, in a bid to boost growth for its new short-video app Moz. The app is also installed on over 50 million devices from the Google Play Store.

© Thomson Reuters 2020

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