Indian TikTok clone gets significant backing in $100 million fund raise

India

The app, called Josh, is just one of many home-grown short-video platforms that have sprung up because India blocked the popular TikTok in June amidst a boundary crisis with China, bringing worldwide investor interest in applications filling the gap.

Bengaluru-based VerSe Innovation, that owns Josh, is valued at greater than $1 billion after the investment, it said in a statement.

AlphaWave, part of international asset manager Falcon Edge Capital, also spent in VerSe, as did present investors Sofina Group and Lupa Systems, VerSe stated, adding that it might utilize the funds to scale up Josh.

VerSe also owns news and content stage Dailyhunt, which offers content in multiple Indian languages.

Back in September, Indian content-sharing platform ShareChat raised $40 million from investors including Twitter Inc and Lightspeed Ventures, in an attempt to drive growth for its brand new short-video app Moj.

Both Josh and Moj happen to be installed on more than 50 million devices per year, according to data in Google’s Play Store.

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Separately on Tuesday, Indian ad technology company InMobi’s Glance – which conducts an eponymous lock-screen content app and short-video platform Roposo – said it had increased $145 million in Google and existing investor Mithril Capital.

Google put aside $10 billion before this year for electronic investments in India.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sachin Ravikumar in Bengaluru. Editing by Rashmi Aich and Anil D’Silva.

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