This Is Why Google Is Spending Rs 7400 Crore To Acquire ShareChat, A Made In India Social App
Some big, exciting news is coming in, regarding a new Google acquisition, which will be a big win for Make In India initiative and vision.
World biggest Internet company: Google is about to acquire ShareChat, a Made in India social media app for $1 billion or Rs 7400 crore, roughly.
Why is Google ready to shell out top dollars for an Indian social media app?
Here is the reason why..
Google Can Spend Rs 7400 Crore For ShareChat
As per an exclusive report by ET, it has been revealed that Google is all set to acquire ShareChat for $1 billion.
When we asked representatives of ShareChat about this news, they declined to comment, or confirm or deny this news.
However, going by the media reports, and the previous interest Microsoft has shown in this special media platform, it seems that Google is really serious and can spend Rs 7400 crore for acquiring this app.
With roughly 16 crore monthly active users, and support for 16 Indian languages, ShareChat is backed by Twitter. Other prominent investors include: SAIF Partners (now, Elevation Capital), Lightspeed Ventures, Dr.Pawan Munjal and DCM Shriram Promoters Family Office.
But, why is Google so much interested in ShareChat?
The reason is their impeccable reach among vernacular audience.
This Is Why Google Is Ready To Spend $1 Billion For ShareChat
Founded by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, ShareChat came into existence in 2015, and have targeted the online vernacular audience in India, a segment which is expanding at a break-neck speed in India.
More than 16 crore users of 16 Indian languages on ShareChat share videos, Whatsapp messages, images, graphics, videos and more, thereby creating intense buzz and activity on the platform.
And Google’s most important focus as of now is expanding their reach among vernacular users in India.
Infact, Google has already allocated whooping $1 billion as part of their Google for India Digitization Fund, which has taken care of their $4.5 billion investment in Jio.
Via this fund, Google wants their presence across different vernacular platforms, and apps, and expand their reach among them.
And an acquisition of ShareChat will be the perfect fit.
This is a developing story, and we will keep you updated as more details come in.