Moj an app developed by ShareChat, allows users to upload 15-second clips and beautify them with filters and emotes. Now recently, Moj has crossed 50 million downloads on Google Play Store. Moj also turned out to be the first homegrown app in the segment to reach the milestone within a month and a half.
Moj came on Play Store on June 29, the day when the Indian government had banned Chinese-origin 59 apps, including popular video-sharing app TikTok. With this, Moj becomes the first privately-held app to cross five crore download mark in recent time. It should be noted that Roposo has 70 million-plus downloads, but the company has been there on Play Store for more than a year. Other apps include MX TakaTak, Mitron, Trell, DailyHunt’s Josh and Chingari among many others are also there for quite a few months in the Playstore.
Other homegrown apps like TakaTak has been downloaded over 33 million times, Mitron has close to 23 million downloads. At present, Josh has 28 million downloads whereas Trell and Chinagri downloads figures are almost of 20 million. The quick downloads of the apps are not surprising because TikTok and other Chinese app have left over 400 million users to use the homegrown video sharing apps. ShareChat, MX TakaTak and Josh didn’t find much trouble in driving downloads as the people who have been looking for alternatives after the ban on TikTok and other Chinese short videos apps.
ShareChat assigned Morgan Stanley as its banker as it looks to raise a larger amount of money from new investors. Sequoia and Microsoft are also in preliminary conversations to invest in ShareChat. ShareChat recently raised $35-40 million in a financing round from existing investors.
In case, in future the US-based technology major takes over TikTok in India; then the homegrown apps have almost no chance to stand against TikTok. Monetisation can be a big challenge for ShareChat and others in the short video segment. The five-year-old Shunwei-backed firm had recorded no operational revenue in FY19 with a massive expense of Rs 440 crore. ShareChat is yet to disclose the financial performance of FY20, but it’s unlikely to show any drastic improvement.