The financial details of the deal were not disclosed. simsim was founded in June 2019.
Google-owned YouTube, an online video sharing and social media platform, is set to acquire social commerce media start-up simsim, betting on the emerging opportunity in the segment in India. The financial details of the deal were not disclosed. simsim was founded in June 2019.
“As more and more shopping happens online, video has an important role in helping viewers discover new products and find expert advice they trust,” said Gautam Anand, VP, YouTube APAC in a blog.
“Today, we are taking another step to help viewers discover and buy products from local businesses: we have signed a definitive agreement to acquire simsim and expect to complete the transaction in the coming weeks.”
simsim, according to Anand, is helping small businesses transition to e-commerce by using the power of video and creators. The simsim app serves as a platform to connect local businesses, influencers, and customers.
The company had raised $16 million in 2020.
According to a joint report by consulting firm Bain & Co and venture capital firm Sequoia Capital last year, the social commerce opportunity in India is pegged to reach $16-20 billion by 2025, compared to around $2 billion last year.
No comments:
Post a Comment