Serum Institute's Adar Poonawalla invests in social media platform Wakau

Serum Institute of India's Chief Executive Officer Adar Poonawaalla has picked up a 20 percent stake in Wakau Interactive Pvt Ltd, a subsidiary of digital entertainment and technology company JetSynthesys.

The community-driven social media platform Wakau offers short video content in entertainment and fashion domains along with video-commerce.

Along with Poonawalla, Bollywood actor Amitabh Bachchan is also an investor in Wakau.

The platform has over four lakh user-generated videos and a song library featuring more than 10,000 songs for short video creation.

The platform has a over one million users concurrently and records more than 5,000 daily video uploads. Wakau also has over 5 lakh daily user engagement events.

"New content formats like short entertainment and fashion videos are gaining wide scale popularity and Wakau, leveraging its advanced AI based tech stack has made it so easy, creative, fun and safe for consumers with its high levels of personalization," said Poonawalla while commenting on the development.

Rajan Navani, Vice Chairman & Managing Director, JetSynthesys pointed out that short video sharing social media platforms have been seeing strong traction from users since the last couple of years.

Along with Wakau, JetSynthesys has developed mobile games including Sachin Saga Cricket Champions and Real Cricket. In addition to developing games in-house, the company had a 50 percent founding stake in esports company, Nodwin Gaming which is an independent subsidiary of Nazara Technologies.