17 August 2021
YouTube has announced that it is ready to acquire Simsim, an app focused on video-based online shopping. It is a two-year-old startup that helps small Indian businesses sell their products online and reach a wider customer base. The app takes the help of local influencers to attract customers who can then make purchases through its partner businesses.
Simsim is accessible through smartphone apps as well as web browsers. It supports three Indian languages Hindi, Tamil, and Bengali to connect with users at a more personal level. All micro-influencers on the app receive products from small businesses and make video reviews about them. These reviews help customers know about the products and if they happen to like something, they are able to purchase it directly through the app.
The deal between the two parties will likely see YouTube implement Simsim's expertise and technology to offer similar functionalities. The announcement reveals that Simsim will continue to operate as an independent entity for the time being. None of the parties have revealed financial details but a TechCrunch report claims it to be at least $70 million. It is important to note that the deal has not been completed yet and is expected to get finalized in the coming weeks.
Amit Bagaria, Kunal Suri, and Saurabh Vashishtha, co-founders of Simsim 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. 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.”