Indian startup that emerged after the TikTok ban
An Indian social content firm that debuted its short video app four days after China’s TikTok was banned by the government has acquired for cash $805 million, the country’s largest venture capital investment this year.
The startup is valued at $5 billion.
Since June 2020, when India banned Chinese TikTok and a handful of other applications, Indian short video businesses have seen exponential development.
Josh, a breakfast app developed by the Bangalore-based startup, is positioned as Instagram for Bharat, a non-English-speaking India that resides outside of the rich main cities.
The funds will be used to develop the company’s AI and machine learning capabilities, as well as to leverage data science to improve user engagement and retention.
Influencer-led commerce will also assist in improving income.