🇮🇳 Roundup: ShareChat to buy short-video app for $700m

Startups in India, including Better Opinions and Runo, raised at least US$1.5 million in funding over the past day from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

ShareChat to acquire MX TakaTak for US$700 million

Mohalla Tech, the parent of social media startup ShareChat, is in talks to buy short-video firm MX TakaTak for US$700 million, reported Reuters.

ShareChat’s portfolio already has a short-video app called Moj, which has a user base of 160 million. With MX TakaTak, ShareChat would have a cumulative user base of 260 million. The monthly active user base of short-video apps is expected to reach 650 million in India by 2025.

The company has also raised US$100 million in debt from Tencent, Entrackr reported.

Oyo may cut down IPO offering size

Oyo is planning to reduce its IPO offering as tech firms see a downturn in stock prices. The size of the hotel chain’s public issue will be lower than the original US$1.2 billion, The Economic Times reported, citing sources.

The company may also refile its listing prospectus with the country’s market regulator.

The hospitality startup, currently valued at US$9.6 billion, may slash both its primary and secondary share sale offers. Sources told The Economic Times that Oyo may also have to readjust its valuation expectations.

Leap Scholar to pour US$20 million into West Asia expansion

Study abroad platform Leap Scholar said it will invest US$20 million over the next year to expand its operations into West Asia.