ShareChat, MX Media merge Moj, MX TakaTak short video apps in mega deal

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New Delhi: Sharechat’s parent company Mohalla Tech and MX Media Co have merged their short video apps - Moj and MX TakaTak - in a deal valued around $600-$700 million (Rs 4,500 crore - Rs 5,500 crore).

The combined short video app is pegged to be the largest in the country and will cater to more than 300 million monthly active users (MAUs). The companies said in a statement that the combined app will have a 100 million strong creators’ community. 

"MX TakaTak is a popular platform and this merger further solidifies our position in the short video ecosystem. With this development, we aim to build the largest original content platform on Moj along with the largest community of users across India," said Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj.

Post-transaction, MX Media and the company’s shareholders will become strategic shareholders of ShareChat. However, it will continue to function as a separate platform for now. 

Only the two platforms’ creator base, content supply and recommendation algorithms will be integrated, the companies said. 

Moj, which was launched in July 2020, is one of the largest homegrown short video apps with more than 160 million MAUs and 50 million creator communities in the 15 Indian languages. On the other hand, MX TakaTak was launched in the same month and reached 150 million MAUs, across 10 languages. Also Read: 44 unicorns in 2020-21 a sign of 'Amrit Kal', says FM Nirmala Sitharaman in Lok Sabha

"MX has created two ‘unicorns’ within one business, unlocking significant value for our shareholders, and will now continue to double down on OTT, with significantly increased financial resources," said Karan Bedi, CEO MX Media. Also Read: Command, control centres of 100 smart cities will be operational by Aug 2022: Centre