Google’s video platform YouTube has signed a definitive agreement to take over the Indian startup Simsim. the company expects to close the transaction in the coming weeks. With the acquisition, YouTube aims to help viewers discover and buy products from local businesses. The terms of the acquisitions were not disclosed.
“For over 15 years, small businesses have used YouTube to expand their online presence – and many of them have used YouTube to reach customers outside of their local community Interior designers at Silk Sarees Seller. By bringing Simsim and YouTube together, our goal is to help small businesses and retailers in India reach new customers even more effectively, “said Gautam Anand, VP, YouTube APAC in a blog post.
What is Simsim’s business model
Simsim was made by Amit Bagaria, Kunal Suri and. founded Saurabh Vashishtha in July 2019. Bagaria and Vashishtha have appeared as Senior VP at Paytm, Suri is the former MD and COO of Foodpanda. The company is helping small businesses transition to e-commerce through influencer-based videos. It counts Shunwei capital and Accel Partners among its investors and has raised approximately $ 16 million to date. Google said in a blog post that there will be no immediate changes to Simsim, the app will continue to run independently while YouTube works to bring Simsim to its viewers.
This is how the Simsim app works
The Simsim app serves as a platform to connect local businesses, influencers and customers. Creators post video reviews of local business products, and viewers can purchase those products directly from the app. Videos are available in three local languages including Hindi, Tamil and Bengali, so retailers of all sizes can video reach shoppers in their preferred language.
In a joint statement, Simsim Co-founders Amit Bagaria, Kunal Suri and Saurabh Vashishtha said, “We started Simsim with a mission to help users across India easily shop online for content from trusted influencers. As part of the YouTube and Google ecosystem, simsim supports its mission. We cannot think of a better ecosystem in which to build Simsim in terms of technology, reach, creator networks, and culture. We can’t wait to join YouTube and are excited to build simsim within the most admired tech company in the world. ”
Builds on Google’s India Digitization Fund
“Today’s announcement builds on our ongoing investments in India such as the India Digitization Fund. As we work with our partners to expand access to the Internet, we understand that online video is the primary means of finding information , Entertainment and connections will continue to grow. ” in India, “Anand added in the blog post.