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India's ShareChat buys rival MX's short-video app in $700 mln deal ...
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India's ShareChat buys rival MX's short-video app in $700 mln deal ...
24 October 2024
The parent company of India's ShareChat has acquired local rival MX's short-video platform in a roughly $700 million deal, two sources told Reuters, as competition heats up in the sector where foreign investors have placed major bets. The two companies confirmed the deal in a statement but did not disclose financials. Reuters was first to report earlier on Thursday that the two companies had reached a deal.
The parent company of India's ShareChat has acquired local rival MX's short-video platform in a roughly $700 million deal, two sources told Reuters, as competition heats up in the sector where foreign investors have placed major bets. The two companies confirmed the deal in a statement but did not disclose financials. Reuters was first to report earlier on Thursday that the two companies had reached a deal.
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