Tech Giant Google In Talks to Acquire ‘ShareChat’
As per reports, Google is holding preliminary talks with homegrown social media startup ShareChat.
What is likely to be an acquisition, will put ShareChat at a valuation of around $1.03 billion.
As per a report in The Economic Times, both ShareChat and Google have signed a non-binding proposal. The tech companies have also appointed investment bankers to take the talks forward.
Tech giant Google has already begun conducting the due diligence of the startup. The report stated that if the deal finalises, the founders of ShareChat may hold a small stake in the company post the transaction with Google.
Since the ban of Chinese video-sharing app TikTok, ShareChat has seen an exponential rise and has been among the biggest gainers over the last six months.
According to the startup, it has a total of over 240 million monthly active users (MAUs), which also includes its short video platform Moj.
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