Aug 13, 2020, 07:30 EST
Bronx, United States, Aug 13, 2020, 07:30 /Comserve / -- The software giant, Microsoft Corporation is reportedly planning to invest around USD 100 million on an Indian-based social media platform, ShareChat.
Washington, August 11, 2020: The software giant, Microsoft Corporation is reportedly planning to invest around USD 100 million on an Indian-based social media platform, ShareChat. However, the talk is still in the preliminary stage and it might take a few months to close the deal. If the transaction is completed, Microsoft's contribution would be around one-third of what ShareChat is aiming to collect in the most recent funding round. ShareChat had last collected around USD 100 million from Twitter which estimated the firm’s value to be USD 650 million at that time.
However, an anonymous source claimed that Sharechat will most likely raise funds from the existing investors before closing deals with the new ones. Currently, Microsoft is negotiating with TikTok and a few other Chinese social media and content sharing apps like ByteDance and WeChat to purchase its US-based operations. Furthermore, it has been reported that Microsoft is looking to acquire the Indian and European market of TikTok as well. Microsoft has also confirmed a deal with Samsung to add new technologies to the Windows 10 operating system. It has confirmed that the users will now be able to run Android applications directly from their Windows 10 platform. This feature is, particularly for the Samsung Galaxy Note 20 users.
ShareChat is a relatively new Indian social-media start-up headquartered in Bangalore. It provides a platform that enables users to share content in 15 different Indian languages. It was developed by Mohalla Tech Pvt Ltd. on 8 January 2015. Just a day before the Indian Government banned TikTok in the country due to security reasons. ShareChat’s Moj, a video-sharing application was launched that emulates the features of TikTok. ByteDance’s Helo, another social media platform owned by TikTok, is a competitor to ShareChat itself.
Satya Nadella, the Chief Executive Officer of Microsoft said that the company is working towards increasing its potential and is striving to develop innovative technologies that can be trusted and create a more sustainable world. He further stated that the firm’s financial performance has been impressive so far even during such unprecedented times. The company has generated a revenue of USD 36.9 billion in the December quarter which has increased 14% from the last fiscal year. Also, the operating income has increased to 35% from last year and it currently stands at USD 13.9 billion. Due to such impressive track record, the company is planning to invest in ShareChat and other Chinese social media applications.
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