Youtube is all set to acquire Indian e-commerce startup simsim
The largest online video content streaming platform Youtube stated that it has signed a definitive agreement with e-commerce platform simsim to acquire the Indian video platform.
Google India didn’t disclose the financial details about this acquisition, the transaction is expected to complete in the coming weeks.
Google India aims at assisting small businesses and retailers to reach new customers in a more powerful way by bringing together simsim and Youtube.
Simsim platforms mainly serve as a stage to connect local businesses, customers, and digital creators togetherly.
Creators uploads video reviews about products they bought from local businesses on the app, and the viewers can buy those products directly from the app after checking the reviews. Videos are currently available in three local languages comprising Hindi, Tamil and Bengali, encouraging retailers from different background to reach their buyers through the video content in their preferred language.
The company cleared that there will be no immediate changes to simsim and the app will continue to operate independently. Youtube is researching and working upon the different ways to showcase simsim offers to its viewers.
We started simsim with the mission of helping users across India shop online with ease, enabled through small sellers and makes showcasing and selling their products using the facility of content by trusted influencers. Being a neighbourhood of the YouTube and Google ecosystem furthers simsim in its mission.
We cannot consider a far better ecosystem during which to create simsim, in terms of technology, reach, creator networks and culture," simsim cofounders Amit Bagaria, Kunal Suri and Saurabh Vashishtha said in a joint statement.
Google said the announcement of simsim's acquisition builds on its ongoing investments in India like the India Digitization Fund announced last year. In July last year, Google CEO Sundar Pichai had announced the $10-billion Fund to assist accelerate India's digital economy.