MX Media, the parent company of MX TakaTak, and ShareChat, the parent company of Moj, have announced a strategic merger between Moj and MX TakaTak, to create a short video platform for Indians, whereby the two platforms will now be controlled by ShareChat.
The combined platform will have 100 million creators, over 300 million Monthly Active Users (MAU), and nearly 250 billion monthly video views, as per the company.
Post this merger, MX Media and its shareholders will become strategic shareholders of ShareChat.
MX TakaTak will continue to function as a separate platform for now, but the two platforms’ creator base, content supply and recommendation algorithms will be integrated.
In the coming months, the experience of users and creators will converge enabling creators from both platforms to reach an extensive set of audiences in India. This will provide users access to unique features including best-in-class camera creation tools with Snap filters, live commerce, and a vast music library.
Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj, said, “We at ShareChat are building India’s largest content ecosystem which has been on an unprecedented growth trajectory. 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.”
Karan Bedi, CEO MX Media, said, “I am excited to announce the strategic merger of India’s two most-popular social media platforms. As India's largest digital entertainment platform, MX has always strived to build superior world class products, and TakaTak is no exception. This combined with Moj’s AI and execution capabilities makes the combined business a truly world class short video platform. 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.”