Tiki, a short-form video app, is about to stop operations in India on June 27, the newest addition to a rising roster of companies which have faltered in their makes an attempt to money in on the void created by New Delhi’s ban on TikTok in the South Asian market.
“We remorse to inform you that Tiki can be shutting down its operations. As of 11.59 PM India time, June 27, 2023, all Tiki capabilities and companies will stop,” wrote Tiki in a submit.
The demise of Tiki, which featured unique and local-focused movies, comes as a shock because it maintained some 35 million month-to-month lively customers in India, its solely operational market, in accordance to knowledge from Sensor Tower (shared by an business govt.)
The Singapore-headquartered Tiki launched in India instantly after New Delhi banned TikTok. It stays a thriller how the video app, which was owned by an entity known as Dol Technologies, was bankrolled.
Many business executives instructed TechCrunch that they believed that the agency was a free subsidiary of one of many Chinese video apps that obtained nuked by New Delhi in mid-2020.
“The current challenges confronted by the tech business have led to the closure of quite a few startups,” a submit on Tiki’s social media accounts stated. “Despite being a small startup working in Singapore and India, Tiki has all the time stood for being a place for actual abilities,” stated the submit, signed by ‘Team Tiki.’
The finish of Tiki comes at a time when India’s short video market is seeing fast consolidation and exits. Times Internet bought MX Player’s short video enterprise to ShareChat final 12 months, whereas Xiaomi shut its short video providing Zili earlier this month in the nation.