BENGALURU: The Indian father or mother of a TikTok copycat has raised a lot more than $100 million from traders such as Alphabet Inc’s Google and Microsoft , months following the Chinese-owned small-movie app was banned in the country.
The application, Josh, is a person of various household-developed shorter-video platforms that have sprung up considering that the federal government blocked the wildly preferred TikTok in June amidst a border crisis with China, attracting world wide investor fascination in apps filling the hole.
Bengaluru-primarily based VerSe Innovation, which owns Josh, is valued at a lot more than $1 billion following the expenditure, it mentioned in a statement.
AlphaWave, a aspect of world-wide asset supervisor Falcon Edge Funds, also invested in VerSe, as did existing investors Sofina Group and Lupa Techniques, VerSe reported, adding that it would use the money to scale up Josh.
VerSe also owns news and information system Dailyhunt, which features written content in multiple Indian languages.
In September, the material-sharing platform ShareChat elevated $40 million from traders including Twitter Inc and Lightspeed Ventures, in an exertion to drive expansion for its new limited-movie application Moj.
The two Josh and Moj have been set up on far more than 50 million equipment each and every, according to info from Google’s Play Keep.
Individually on Tuesday, ad technological innovation business InMobi’s Look – which runs an eponymous lock-display articles app and shorter-video system Roposo – reported it experienced lifted $145 million from Google and current trader Mithril Money.
Google established apart $10 billion before this yr for digital investments in India.