ShareChat to acquire MX's short-video app in deal valued at $700 mn: Report

With the MX TakaTak acquisition, ShareChat's parent will now have two short-video apps in its portfolio.

The parent company of India's ShareChat will acquire local rival MX's short-video platform in an around $700 million deal, two sources told Reuters, as competition heats up in the sector where foreign investors have placed major bets.

Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.

After TikTok was banned, ShareChat's parent entity, Mohalla Tech, launched a similar short-video sharing app named Moj, which has over time garnered 160 million users and counts Meta Platforms Inc's Instagram Reels as its key rival.

In a cash-and-stock deal, ShareChat's parent