Alibaba to invest $100mn in video platform Vmate to tap into growing market in India
Alibaba Group has revealed that it will invest $100mn into VMate, a social video app owned by its subsidiary UC Web.
According to TechCrunch reports, the investment comes as the Chinese technology firm tries to double down on the burgeoning video market in India.
Launched in 2016, Vmate is a social network platform that allows users to watch and share short videos.
Since then, it has also launched new features such as 3-dimensional face emojis and video downloads.
- Alibaba could be listing on the Hong Kong stock exchange
- Alibaba fourth-quarter revenue surges 51% to $13.9bn thanks to retail and cloud boost
- Alibaba Cloud gains top market share in Asia-Pacific for IaaS and IUS, according to Gartner
- Read the latest issue of Gigabit here
Today, Vmate claims to have amassed around 30mn users globally.
Under the deal, Vmate will also join Alibaba’s Innovative Business Group, according to reports from KrAsia.
Alibaba has invested heavily in India’s e-commerce and food-tech markets, making recent investments in firms such as Paytm, BigBasket, Zomato and SnapDeal.
Alibaba’s subsidiary UC Web also includes India as one of its biggest markets.
- Being your own data security expert in the absence of 2FAData & Data Analytics
- Timeline: From Facebook to MetaDigital Transformation
- Ted Sarandos, Chief Content Officer and co-CEO at NetflixDigital Transformation
- Microsoft and LinkedIn join forces to improve hybrid workingDigital Transformation