Alibaba Invests $100 Million in Indian Social Video App

With its investment into TikTok rival, the Chinese tech giant is take a bite of India’s soaring market of social video apps.
Binwei WangJun 01,2019,06:55

Alibaba Group Holding Ltd. (NYSE: BABA) the Chinese tech giant, announced today that it invested $100 million into Vmate, an Indian social video app owned by Alibaba’s subsidiary UC Web.

Vmate was launched in 2016 and it has amassed 30 million  users globally and offers many similar features to TikTok, which has 120 million active users in India. Vmate said it will use the capital to scale business in India.

The investment will helps Alibaba leave footprint in the Indian growing social video apps market. ByteDance, which operates TikTok, with a valuation of about $75 billion, has grown its business by itself, without investment from Alibaba or Tencent.

Alibaba is the biggest global investors in India’s e-commerce and food-tech markets. This investment also refers the growing of Indian video apps market. Last year, YouTube said it had about 250 million active users in India at the end of 2017 and India was the only nation where it had more unique users than its parent company Google.