Last Updated on 20/07/2021 by Riya
YouTube, a social media giant purchasing Gurgaon-based startup “Simsim” for an unspecified amount. YouTube investing the money to assist the small e-commerce stores and startups to engage with more new customers. Before this acquisition, Simsim had also received over $17 million in last year’s funding round valuing the start-up $50.1 million. Simsim aims to help small businesses owners to reach their products to a large audience using the power of content. By teaming up with YouTube Simsim can expand its operations further.
Simsim was founded by three Ex Paytm employees two years back. Since the launch start-up have helped several small-scale businesses to earn a significant amount of profit by displaying their brands on its platform using video reviews in regional languages, allowing all kinds of people to know about the product. “There is no ecosystem better than Google to strengthen Simsim, in terms of technology, reach, creator networks, and culture. We are excited to be a part of the Google ecosystem and will love to strengthen Simsim under the most prominent tech company in the world.” said, the co-founder of the start-up, Amit Bagaria.
The company also assured that no additional changes to the platform will be made following the acquisition, and that the app will keep working as it does now.
On the other hand, in the response to the acquisition YouTube also made a statement, according to YouTube, “every day, people browse products, watch reviews of the creators on its platform and this investment will further help our users to explore more brands of domestic businesses”.
Both companies are currently in conversation regarding the deal, and it is expected that the deal will be finalized within a week. Though YouTube is not the first to join the e-commerce market, other social media platforms such as Instagram, Facebook, and Snapchat continue to assist small businesses in reaching out to potential clients.