An Indian technology company, which had launched a version of "TikTok" after the government banned the application of sharing Chinese short video clips, announced today, Tuesday, that it has raised $ 100 million in a funding batch From investors such as Google and Microsoft.
The Bangalore-based company, Fire C Innovation, said the new funds will be used to further expand the scope of Josh´s short video sharing app.
According to a company press release, the latest capital infusion has raised the value of the company to more than $ 1 billion, making it one of the so-called "unicorns" tech companies and the first of its kind to operate in local Indian languages.
It is noteworthy that Josh is among the Indian alternatives competing for space occupied by the hugely popular TikTok app of ByteDance before it was banned by the Indian government at the end of June, along with 58 other Chinese applications due to data security concerns.
The decision came after bloody clashes between Indian and Chinese forces along the disputed Himalayan border.
Four months after the Chinese app was banned, local Indian apps accounted for only 40% of the TikTok market, according to a recent survey by Redsere Consulting.
