YouTube all set to acquire Indian video e-commerce platform Simsim

YouTube announced on July 20 that it will acquire Indian video e-commerce platform Simsim, as part of its efforts to help small businesses and retailers in India reach new customers.

However, the California-based tech giant did not reveal financial details of the transaction.

There will be no immediate changes to Simsim and the app will continue operating independently while we work on ways to showcase simsim offers to YouTube users, Google said.

Simsim co-founders Amit Bagaria, Kunal Suri and Saurabh Vashishtha said in a joint statement that the platform was started to help 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.

Simsim app serves as a platform to connect local businesses, influencers and customers. Creators post video reviews about products from local businesses, and viewers can buy those products directly through the app.

Google said the announcement builds on its ongoing investments in India, such as the India Digitisation Fund that was announced last year.

In February 2020, SZS Tech, which owns and operates Simsim, had raised over $8 million in its Series-B round of funding.