It’s been a year since the ban on TikTok in India and the void created by the Chinese short video app has given a big opportunity to homegrown players to claim the vacated space. While there are more than half a dozen apps operating since, MX TakaTak, Moj and Josh have emerged as the bellwethers.
MX TakaTak has managed to gather 100 million downloads in the first six months of 2021 and recorded 195 million downloads in the past 12 months, data sourced from Sensor Tower shows. The company’s arch-rival Moj gained 87.6 million downloads in the first six months of 2021 and 192 million downloads since its inception in July 2020.
Josh was third on the list with 84.2 million downloads in the past six months and 166.6 million downloads since its launch in July 2020.
The trio collectively recorded over 553 million downloads in the past 12 months. Besides the three apps, Roposo, Chingari, Trell and Mitron Tv collectively recorded around 87 million downloads during the period.
It’s worth noting that the holding companies of these apps have also raised large funding rounds since the ban on TikTok in India. Dailyhunt has raised $200 million in two rounds in December and January whereas ShareChat has raised over $540 million in two tranches.
While Roposo owner’s Glance raised a $145 million round led by Google; Trell, Chingari and Mitron Tv had also raised funds in the past year.
Meanwhile, Trell is all set to rake in $40 million in a new round. Entrackr had exclusively reported the development on June 21.
Significantly, Dailyhunt, ShareChat and Glance also turned unicorn during the period and MX Player is in late-stage talks to raise $100 million that will push the company’s valuation to over $1 billion.
If MX Player and Trell’s rounds get closed, then the total fund raised by these short video app operators will go beyond $1 billion.
Close to 650 million downloads recorded by the desi short video apps in the past 12 months point to the fact that there is immense potential in this space. Moreover, TikTok’s void has also given a new lifeline to companies like ShareChat and MX TakaTak which have been struggling to monetise their core offerings: social media and video streaming.
While these companies are likely to unlock greater scale and fortune (read revenue) they need to improve on technology, foster a creator ecosystem and weed out vulgar content.
