Short video sharing app Vmate has bagged a $100 million funding from Chinese conglomerate Alibaba as the platform looks to expands its presence in India. Alibaba subsidiary UC Web owns the video platform which was launched in India in 2016. The firm as per Techcrunch has more than 30 million users using the app globally. The company has launched interesting features like video downloads and 3-dimensional face emojis.
The fresh funds will allow the firm to scale up its business in India where it competes with the likes of ByteDance, Google and Disney. Notably, ByteDance owned TikTok has become massively popular in India where it has amassed more than 130 million active users. The Chinese tech giant has its eyes set on the Indian market in recent times. The company has invested massive numbers in the Indian food tech and e-commerce industry. Paytm, BigBasket, Zomato, and Snapdeal.
Alibaba Cloud's chief product officer talking about the Indian audience says, “Indian customers are very much on the cutting edge. Some of the largest growing startups such as Paytm and Big Basket are in India. We are focussed on building products and services that will benefit Indian customers.”
With the mobile data becoming cheaper in the country, a massive number of Indians are spending their time on the internet, eventually spending times watching videos on a number of applications on the Google Play Store. Youtube recently revealed that it has more unique visitors on the platform than parent company Google.
As Vmate gets funding, it will be interesting to see if it can reach to the Indian masses, like the other few players.
Image Courtesy : Vmate