YouTube to acquire Indian video e-commerce startup Simsim
Google owned YouTube has announced that it will acquire Indian video e-commerce startup platform Simsim, to help small businesses and retailers in India to reach new customers.
"We are taking another step to help viewers discover and buy products from local businesses: we have signed a definitive agreement to acquire Simsim and expect to complete the transaction in the coming weeks,” Google said in a blogpost.
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simsim, a startup platform is helping small businesses in India transition to e-commerce by using the power of video and creators. The simsim app serves as a platform to connect local businesses, influencers and customers.
The blog post noted that YouTube has been a medium to reach consumers outside their local community and to compare their products with other retailers which has helped them to improve in their daily scale of products through reviews.
"Every day, people come to YouTube to compare products, watch reviews and find recommendations from their favorite creators… Simsim is helping small businesses in India transition to e-commerce by using the power of video and creators.”
In a joint statement, simsim cofounders, Amit Bagaria, Kunal Suri and Saurabh Vashishtha said, “We started simsim with the mission of helping users across India shop online with ease, enabled through small sellers and brands showcasing and selling their products using the power of content by trusted influencers.
Adding to this they remarked, "Being a part of the YouTube and Google ecosystem furthers simsim in its mission. We cannot think of a better ecosystem in which to build simsim, in terms of technology, reach, creator networks and culture. We can’t wait to be part of YouTube and are excited to build simsim within the most admired tech company in the world."
"For over 15 years, small businesses have used YouTube to expand their presence online — and many of them use YouTube to reach customers outside of their local community… By bringing Simsim and YouTube together, our goal is to help small businesses and retailers in India reach new customers in even more powerful ways,” Google said in the blog post.
With over 2,500 YouTube creators with over one million subscribers and success of YouTube Shorts that was launched in India first, Google said it is committed to bringing the best of YouTube to India and growing the creator community by making it even easier for the new generation of mobile-first creators to get started.
The tech giant noted that this announcement builds on its ongoing investments in India, such as the India Digitisation Fund that was announced last year.