ShareChat, a Bengaluru based homegrown regional language social media platform is in preliminary talks with Google Inc for a takeover deal, reports Economic Times.
The company has been valued at $1.03 billion with Google has signing a term sheet or a non-binding proposal with the company and conducting a due diligence exercise.
If this deal goes through, the existing investors in the company could exit, with the founders retaining a small stake.
ShareChat boasts of 160 million users across India and offers services in some 15 vernacular Indian languages.
After the Doklam incident Indian government banned TikTok and ShareChat launched a competing short-video format application in July which allowed the company to achieve phenomenal growth, amassing 80 million users as per industry estimates.
Google chief executive officer Sunder Pachai had announced a $10 billion investments into India and also there is a $4.5 billion investment into Mukesh Ambani’s Reliance Jio Platforms for a 7.73 per cent stake.