India's ShareChat to buy local rival MX's short-video app in a $700 million deal

India's ShareChat to buy local rival MX's short-video app in a $700 million deal

ShareChat’s sparsely furnished Bengaluru office. Photos: Hemant Mishra/Mint

The parent company of India’s ShareChat has acquired local rival MX’s shortvideo platform in a roughly $700 million deal, two sources told Reuters, as competition heats up in the sector where foreign investors have placed major bets.

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