YouTube has announced the acquisition of Indian startup simsim with the aim of helping its viewers discover and buy products from local businesses. The transaction is expected to be compelted in the coming weeks, but the financials of the deal haven’t been revealed by the company.
The simsim app has been designed to help small businesses in India transition to e-commerce with the help of videos and creators. It essentially connects local businesses, influencers, and customers by allowing creators to post video reviews about products from local businesses. Viewers can then buy those products directly through the app.
Following the acquisition, Google plans to showcase simsim offers to YouTube viewers. However, it has been confirmed that no immediate changes will take place in the simsim app for now.
“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,” said simsim cofounders, Amit Bagaria, Kunal Suri and Saurabh Vashishtha in a joint statement.
With the acquisition, Google continues its push into India. In fact, the company has committed to an investment of $10 billion in the country for the next two years. YouTube Shorts, which was launched in India first, has turned out to be quite a success story as well.
According to TechCrunch, simsim was valued at over $70 million. It had recently raised about $17 million and was valued at $50.1 million in its 2020 Series B financing round.